Citi completes Bisys acquisition

Source: Citi

Citi today completed its previously announced acquisition of The Bisys Group, Inc. for approximately $1.44 billion in an all-cash transaction. In the transaction Bisys shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash.

Immediately thereafter, Citi completed its sale of the Retirement and Insurance Services Divisions of Bisys to affiliates of J.C. Flowers & Co. LLC making the net cost of the transaction to Citi approximately $800 million.

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