Citi acquires Bisys, sells off retirement and insurance divisions as planned

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Citi completed its $1.44 billion all-cash acquisition of the Bisys Group, Inc. first announced on May 2.

Bisys shareholders will receive $11.85 per share and a special dividend of $0.15 per share in cash.

Citi completed its sale of the retirement and insurance services division of Bisys to affiliates of J.C. Flowers & Co. LLC, making the net cost of the transaction to Citi approximately $800 million, a company news release stated.

Citi is a New York-based financial company. Bisys is a Roseland, N.J.-based provider of outsourcing services to investment firms, insurance companies and banks.

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