Citigroup concludes business negotiations with Axa
The deal will cost some $1.7 billion and will see Axa take over 207 limited-partnership interests.
Citigroup has agreed to sell a portfolio of private-equity assets to Axa Private Equity, a deal that will see business negotiations take place.
According to the Wall Street Journal, the agreement is set to be worth $1.7 billion (£1 billion) and will consist of 207 limited-partnership interests.
It follows on from a similar deal struck by Axa with the Bank of America Corporation some 12 months ago - the value of that transaction was put at $1.9 million.
Mark Mason, the chief operating officer of Citi Holdings, told the news provider that the sale "frees up capital to be directed towards growth opportunities in our core franchise".
Dominique Senequier, chief executive officer of AXA Private Equity, said: "This is the culmination of a highly-collaborative and close working relationship with Citigroup."
AXA Private Equity currently has some $25 billion of assets under management or advice in Europe, Asia and North America.
Posted by Edel Quinn