Citi to sell $1.7 billion private equity assets:report
Wednesday, 08 June 2011, 20:32 IST
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New York: Citigroup Inc will sell a $1.7 billion portfolio of private equity assets to European buyout firm AXA Private Equity as part of a strategy to clean up its books in the aftermath of the financial crisis, says a media report. "Citigroup has struck a deal to sell a USD 1.7 billion portfolio of private-equity assets to European buyout firm AXA Private Equity," The Wall Street Journal reported citing a source. The deal marking the banking giant's latest divestiture is expected to be announced today, the report noted. The portfolio consists of 207 limited-partnership interests in buyout funds, including stakes in funds owned by KKR & Co, Blackstone Group LP, Carlyle Group, Providence Equity Partners and others, as well as direct stakes in around 20 companies, it added.
Source: PTI
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