Mellon Financial is looking for a solution for its Human Resources and Investor Solutions business. Pittsburgh-based Mellon has hired Citigroup to explore a possible sale of the business — which provides consulting, administration and outsourcing services — for as much as $1 billion, sources familiar with the matter said. HR&IS provides human-resources support in such areas as retirement, employee benefits and communications, as well as shareholder services such as mergers and acquisitions, corporate restructuring and employee stock-purchase plans. Sources familiar with the business say there is a limited pool of logical buyers for the entire operation, and it is possible the business may be sold in pieces. Potential suitors for all or part of the unit may include consulting firms Convergys, Hewitt Associates and Watson Wyatt, which would be particularly interested in the human-resources part of the business, sources noted.
[The article doesn't mention one other prospective buyer, ACS.]
Mellon HR&IS's revenue reached a peak in the first quarter 2002, following the acquisition of Unifi, but has declined steadily since.
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