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Bisys shareholders seal Citi deal

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Published July 27, 2007 at 2:17 PM

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Shareholders of fund administrator Bisys Group Inc. voted Friday to approve the previously announced deal for Bisys by a subsidiary of Citibank. Over 99% of the shareholders at the special meeting voted for the merger.

In May, and after more than eight months on the block, Bisys finally reached a deal to be acquired in a two-part transaction in which Citigroup Inc. bought the company for $1.45 billion, with plans to sell two divisions to J.C. Flowers & Co. LLC for around $700 million.

The Bisys-Citigroup merger is now expected to close on Aug. 1.

Once the Bisys-Citigroup deal is final, Citi can sell Bisys' insurance services and retirement services businesses to J.C. Flowers. —Tom Groppe

See May 2 story on TheDeal.com.
See Bisys press release.

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