×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Axa | Citigroup

Citigroup Sells $1.7 Billion of LBO Fund Stakes to Axa Unit

Wednesday, 08 June 2011 09:23 AM

France's Axa Private Equity said Wednesday it agreed to buy a $1.7 billion private equity portfolio from Citigroup Inc. as the big U.S. bank sheds some of its non-core businesses.

Terms of the deal announced were not disclosed.

The portfolio includes 207 limited partnership interests in private equity buyout funds and a portfolio of direct stakes in companies. It does not include funds or investments managed by Citi Capital Advisors.

Citi, and other banks hard hit by the financial meltdown in 2008 and subsequent downturn, have been selling off some assets to reduce noncore businesses.

"This sale marks the completion of a significant share of Citi Holdings' proprietary private equity investments and demonstrates the progress the Citi Holdings team is making in reducing non-core assets on our balance sheet," said Mark Mason, chief operating officer of Citi Holdings.

Axa has been buying up private equity portfolios, including a $1.9 billion portfolio from Bank of America in April 2010.

Citi shares fell 26 cents to $37.32 in pre-market trading.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
France's Axa Private Equity said Wednesday it agreed to buy a $1.7 billion private equity portfolio from Citigroup Inc. as the big U.S. bank sheds some of its non-core businesses.Terms of the deal announced were not disclosed.The portfolio includes 207 limited partnership...
Axa,Citigroup
168
2011-23-08
Wednesday, 08 June 2011 09:23 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved