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Tuesday, July 29, 2014

Bain Capital to sell just under half of Japan telemarketer Bellsystem24 to Itochu, (NYSE: C)

U.S. takeover firm Bain Capital has agreed to sell a 49.9 percent stake in Japanese telemarketing firm Bellsystem24 Holdings to Tokyo-based trading house Itochu Corp, the parties said in separate statements without disclosing the value of the deal. Bain Capital will retain a 50.1 percent stake in Bellsystem24, which it bought from Citigroup Inc in 2009 for about $1 billion.The Nikkei business daily reported earlier on Tuesday that Itochu would put up about 30 billion yen ($294 million) initially and take out loans from its banks to make further payments to complete the purchase.Bellsystem24, set up in 1982, employs about 20,000 operators at its 22 call centers nationwide. Itochu said it would make its telemarketing business as one of its core businesses after the acquisition of the stake in Bellsystem24.($1 = 101.8800 Japanese Yen)

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.66% or $-0.33/share to $49.70. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 16312000 shares of C exchange hands on a given day and today's volume is recorded at 12071593.