Private Equity Firm Agrees To Acquire BISYS Insurance Arm

The deals are subject to BISYS shareholder approval and to regulatory approvals in the United States, Ireland and Bermuda, Citigroup says.

The Citigroup and BISYS boards already haved approved the deals.

BISYS sold its financial services education division to a unit of the Washington Post Company, Washington, in 2005.

BISYS began reviewing "strategic alternatives" for the rest of the company in August 2006, after it ran into accounting challenges that interfered with efforts to file financial reports with the U.S. Securities and Exchange Commission in a timely fashion.

"We are pleased at this outcome of the strategic alternatives process," BISYS Chairman Robert Casale says in a statement about the Citigroup transaction and the J.C. Flowers transaction. "We believe this deal is the best transaction for our shareholders and clients, while providing new opportunities to our employees."