Citigroup announced an agreement with Invesco and Impresa to sell Citigroup’s 40.23% stake in Chilean pension fund administrator A.F.P. Habitat.
Citigroup on January 22, 2010 announded an agreement with Sociedad de Inversiones y Servicios la Construccion, S.A. (Invesco) and Inversiones Provisionales S.A. (Impresa) to sell Citigroup’s 40.23% indirect ownership stake in Administradora de Fondos de Pensiones Habitat S.A. (A.F.P. Habitat) in a public tender offer to be conducted by an affiliate of Invesco for all of the outstanding shares of A.F.P. Habitat. Citigroup’s expected total gross proceeds from the sale are approximately $300 million. A.F.P. Habitat is the second largest pension fund administrator in Chili, with U.S. $29 billion of assets under management.
For more information, read the press release here.