NEW YORK — Citigroup Inc. is to sell off around $1.4 billion of private equity interests, the Private Equity Hub Web site reported Thursday, citing "multiple sources."
The Web site reported that the bank is in serious talks to sell off $1 billion of direct investments made by Nikko Cordial Corp. and its legacy interests in CVC Equity Partners. Citigroup completed its $14 billion acquisition of the Tokyo-based Nikko Cordial on Wednesday.
The Web site said both deals have been in the secondary market for more than a month, though it added it was uncertain who might be leading the bidding for Nikko Cordial. However, the CVC Equity Partners stake is likely to be acquired by AlpInvest Partners and Goldman Sachs Group Inc., which are both limited partners in Court Square II, the Web site reported.
No one at Citigroup could be immediately reached for comment.
