Citigroup (C.N) has agreed to sell a portfolio of private equity assets to Axa (AXAF.PA) Private Equity for $1.7 billion, the French insurer said on Wednesday, the latest move by the U.S. bank to unload non-core assets. For Axa Private Equity, the deal is part of a series of acquisitions of private equity investments originally owned by other investors, including the purchase of a $1.9 billion portfolio from Bank of America (BAC.N) in April 2010. AXA and other funds who have been buying private equity portfolios on the secondary market are betting that such assets -- which have begun to recover since the 2008 financial crisis -- will appreciate further and that they can extract more value from them. The Citigroup portfolio comprises 207 stakes in various takeover funds as well as some direct stakes in companies, Axa said, adding that Citi -- which has been looking to focus on its core businesses -- was financing the purchase.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Shares of C remained unchanged at $37.58. In the past year, the shares have traded as low as $36.20 and as high as $51.50. On average, 40175500 shares of C exchange hands on a given day and today's volume is recorded at 3408.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $10.65. In the past year, the shares have traded as low as $10.60 and as high as $16.10. On average, 133126000 shares of BAC exchange hands on a given day and today's volume is recorded at 3425.
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