Citigroup’s (NYSE: C) Bellsystem24 Inc. is up for grabs and CVC Capital Partners Ltd., Permira Advisers LLP and Bain Capital LLC all made their final bids for the company on Friday.
Citigroup is hoping to reach an agreement with a buyer as early as November, 13, according to Bloomberg News, citing an anonymous source.
The sale of Bellsystem24 Inc. is part of an ongoing Citigroup effort to shed non-core assets in hopes of generating capital. Citigroup has sold more than $7 billion of its Japanese assets this year to stem $118 billion in total losses since the financial crisis began.
In 2004, Nikko Principal Investments spend more than $2.4 billion to purchase a majority stake in Bellsystem24 Inc. According to the telemarketer’s website, it has 2,608 employees, 30,093 contract workers and over 5,000 contracts with companies globally.
Goldman Sachs and Citigroup Global Markets Japan are advising Nikko to value Bellsystem24 between $1.1 billion and $1.7 billion. Citigroup declined to comment, about the valuation.
Earlier this year, Citigroup sold its Nikko Cordial Securities Inc. and a share of its investment banking business at Nikko Citigroup Ltd. To Sumitomo Mitsui Financial Group Inc. for 545 billion yen. Citigroup has also sold its trust banking and asset management businesses in Japan to Nomura Holdings Inc. and Sumitomo Trust & Banking Co. respectively.
