Citi Completes Acquisition of The BISYS Group, Inc.
Citi Completes Subsequent Sale of BISYS' Retirement and Insurance Divisions to Affiliates of J.C. Flowers & Co. LLC
New York, Aug 1, 2007 – 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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