The BISYS Group Inc. said it plans to sell its informationservices group to Open Solutions Inc. of Glastonbury, Conn., aprovider of data processing technologies for banks and creditunions.

The group includes its banking solutions, document solutions andcorporate financial solutions business.

The transaction, announced last week, is subject to certainclosing and regulatory conditions. It is expected to close inBISYS' second fiscal quarter ending Dec. 31, 2005.

BISYS said total cash consideration in the transaction would beapproximately $470 million, subject to adjustment. Net proceedsafter closing costs and the payment of taxes are expected to beapproximately $300 million.

BISYS said it anticipates using the net proceeds from the saleand cash on hand for the retirement of its existing term loan andconvertible notes.

Russ Fradin, BISYS president and chief executive officer, saidin a statement that the sale would allow the firm to focus on itsstrategy of investing in and expanding its investment services andinsurance services businesses, which includes wholesaledistribution of commercial property-casualty insurance, long termcare, disability, annuity products and life insurance.