The acquisition of BISYS wholesale units by Crump will mean the Dallas-based wholesale broker will become the number one U.S. wholesale brokerage much quicker than it expected, the firm's chief executive said.
Yesterday, Citi and BISYS announced that Citi financial services was acquiring New York-based BISYS services and J.C. Flowers, the private equity firm that owns Crump, would purchase BISYS wholesale units and its retirement business from Citi.
The BISYS deal is worth $1.47 billion and Flowers' end of the deal will be approximately $800 million. The acquisition of the BISYS units by Crump will occur at the same time the Citi transaction is completed.
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