Sunday, Citi (C) said that it has reached an agreement to tender all of its shares of BELLSYSTEM24, Inc., owned through Citigroup Capital Partners Japan Ltd., in a tender offer to be launched in Japan by an acquisition corporation owned by investment funds advised by Bain Capital Partners LLC.
In accordance with the terms of the tender offer, Citi will receive cash consideration of 93.5 billion for its 93.5% stake in BELLSYSTEM24 (US$1.0 billion at an exchange rate of 89.81 to US$1.00 as of November 13, 2009).
The tender offer is subject to regulatory review and customary conditions, and is anticipated to launch on or before November 20, 2009 and be settled on December 30, 2009.
After completion of this transaction, assets will have been reduced by $1.2 billion, in line with Citi's goal to reduce the assets in Citi Holdings while optimizing their value. It is not expected to have a material impact on Citi's net income or its capital ratios.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.