Citigroup Inc. (NYSE: C)
October 01, 2009
Citi Successfully Completes Sale of Nikko Asset Management to Sumitomo Trust
New York – Citi (NYSE:C) today announced the successful completion of the sale of its entire stake in Nikko Asset Management ("Nikko AM") to The Sumitomo Trust and Banking Co., Ltd. ("Sumitomo Trust") as part of a transaction that values Nikko AM at ¥120 billion (US$1.3 billion at an exchange rate of ¥89.60 to US$1.00 as of September 30, 2009).
Citi received all-cash consideration of ¥75.6 billion (US$844 million), after certain deal related expenses and adjustments, for its 64% beneficial ownership interest in Nikko AM. Sumitomo Trust also acquired the beneficial ownership interests in Nikko AM held by various minority investors in Nikko AM, bringing Sumitomo Trust's total ownership stake in Nikko AM to 98.55% at closing.
As previously announced, the transaction is not expected to have a material impact on Citi's net income.
Citi's Institutional Clients Group advised Citi on this transaction.
Citi
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