Thursday, 30 July 2015
Last updated 2 hours ago
May 12 2011 | 1:54pm ET
Three private equity-led investor groups remain in the running to buy Citigroup's consumer-lending business.
The latest entrant into the sweepstakes for the former CitiFinancial is holding company Leucadia National Corp., which has joined forces with Centerbridge Capital Partners. The two New York-based firms, like their competitors, are currently doing their due diligence on the unit, which has lost about $1.3 billion over the past two years.
Also battling for the business, now called OneMain, are two other p.e. groups: One includes Brysam Global Partners, the Blackstone Group, the Carlyle Group and Thomas H. Lee Partners, the other Apollo Management and J.C. Flowers & Co.
Citi, which decided to put the business up for sale after its 2008 government bailout, has rejected two other private equity bids: one made by Cerberus Capital Management, the other by Clayton Dubilier & Rice and Onex Corp. In addition, private equity legend Wilbur Ross dropped out of the Blackstone-Carlyle group.
Citi has valued the business at $2 billion.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…