BISYS sold

BISYS Group, with offices in Brainerd and Baxter, was acquired by Citi for $1.45 billion.

BISYS announced the news Wednesday.

Citi plans to retain the Investment Services Division of BISYS, which includes the Fund Services and Alternative Investment Services businesses. Citi plans to sell the Retirement and Insurance Services Divisions of BISYS to affiliates of J.C. Flowers & Co.

The transaction is expected to close in the second half of this year and is subject to BISYS shareholder approval and to regulatory approvals in the U.S., Ireland and Bermuda, Citi reported.