More NewsCiti to Acquire Bisys Group

Citi to Acquire Bisys Group

Citi has signed an agreement to acquire Bisys Group for US$1.45bn in an all-cash transaction. Bisys’s shareholders will receive merger consideration of US$11.85 per share, and a special dividend of US$0.15 to be paid at the closing of the transaction by Bisys, for a total consideration of US$1.47bn. By acquiring and retaining the Investment Services Division of Bisys, which includes the Fund Services and Alternative Investment Services businesses, Citi will gain a high profile in hedge fund and mutual fund services. As part of the deal, Citi will sell the Retirement and Insurance Services Divisions of Bisys to affiliates of J.C. Flowers, making the net cost of the transaction to Citi approximately US$800m. The transaction is expected to close in the second half of this year and is subject to Bisys shareholder approval and to regulatory approvals in the US, Ireland and Bermuda. The transaction is expected to be neutral to earnings per share in the first year and accretive thereafter.

Comments are closed.

Subscribe to get your daily business insights

Whitepapers & Resources

2021 Transaction Banking Services Survey
Banking

2021 Transaction Banking Services Survey

2y
CGI Transaction Banking Survey 2020

CGI Transaction Banking Survey 2020

4y
TIS Sanction Screening Survey Report
Payments

TIS Sanction Screening Survey Report

5y
Enhancing your strategic position: Digitalization in Treasury
Payments

Enhancing your strategic position: Digitalization in Treasury

5y
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

5y