Open Solutions to Buy Bisys Unit

The deal is valued around $470 million.
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Open Solutions

(OPEN)

, a provider of data processing software for banks and credit unions, agreed to buy

Bisys Group's

(BSG)

information services division.

The purchase price will be about $470 million, Open said. The Glastonbury, Conn., company expects to close the deal in the fourth quarter.

Open believes the acquisition will add $180 million to $195 million of revenue and earnings of 6 cents to 12 cents a share in 2006.

Shares of Open fell 27 cents to $22.82 in extra trading. Bisys was gaining 36 cents to $15.54.

Bisys said its net proceeds will be around $300 million.