NEW YORK (AP) — Citigroup is selling its controlling stake in Japan's leading call center operator, Bellsystem24, to private equity firm Bain Capital Partners in a deal that values the operation at $1.1 billion.
Under terms of the deal announced Sunday, Citi private investment unit Citigroup Capital Partners Japan will receive $1 billion in cash for its 93.5 percent stake in the call center operator.
New York-based Citigroup in October completed the sale of its Japanese brokerage to Sumitomo Mitsui Banking Corp. in a $8.7 billion deal that advanced the New York-based bank's efforts to restructure after big losses on risky investments.
Bain Capital, which has investments in companies such as Toys "R'' Us and Burger King, established offices in Tokyo in 2006.
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