Citigroup to Acquire BISYS for $1.45 Billion

May 6, 2007

Citigroup announced last Wednesday that it will acquire BISYS Group for $1.45 billion in cash and divest its retirement and insurance services units to J.C. Flowers, a private equity firm, for $650 million. Citigroup will keep BISYS' fund and alternative investment units so that it can expand its services to hedge funds, mutual funds and private equity firms. The sale confirms recent reports that BISYS, which had been on the block for nine months, would be sold in pieces.

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