Citigroup buys hedge fund administrator
Citigroup has signed an agreement to acquire Bisys Group, a provider of outsourcing solutions to financial firms, for $1.45 billion.
Bisys's shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 to be paid at the closing of the transaction by Bisys, for a total consideration of $1.47 billion.
At closing, Citigroup will sell the Retirement and Insurance Services Divisions of Bisys to affiliates of JC Flowers and Co, making the net cost to Citigroup approximately $800 million. 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 United States, Ireland and Bermuda. The transaction is expected to be neutral to earnings per share in the first year and accretive thereafter.
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