As had been predicted, Citigroup (C) said it will sell its 93.5% stake in Japanese telemarketer...

|By:, SA News Editor

As had been predicted, Citigroup (C) said it will sell its 93.5% stake in Japanese telemarketer Bellystem24 to private-equity firm Bain Capital for ¥93.5B ($1B). Bain beat back rival bidders Permira and a team of CVC Capital and Blackstone (BX). The telemarketer will be purchased through a tender offer, which will be launched by a firm owned by funds advised by Bain. Citi said the deal is not expected to have a material impact on the bank's net income or capital ratios.