Citi Completes Acquisition of The BISYS Group
Citi has completed its previously announced acquisition of The BISYS Group for approximately US$1.44bn in an all-cash transaction. In the transaction, BISYS shareholders will receive merger consideration of US$11.85 per share, and a special dividend of US$0.15 per share in cash. Citi simultaneously 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 US$800m.