The wholesale unit of outsource solutions firm BISYS will be sold to Dallas-based wholesale broker Crump Group Inc. for $800 million, it was announced today.
A description of the deal was released by New York-based Citi, which is acquiring Roseland, N.J.-based BISYS for $1.47 billion and will sell the wholesale unit when the purchase is completed.
BISYS' wholesale arm will go to J.C. Flowers, the private equity firm which purchased Crump in 2005 from Marsh brokerage.
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