WASHINGTON (dpa-AFX) - Citigroup Inc. (C) and Lexington Partners have reached a definitive deal, whereby Citi would sell 80% of its $1.5 billion limited partnership interest in Metalmark Capital Partners II or 'MCP II' to Lexington.
According to the previously announced revision of the business relationship between Citi and Metalmark in December 2013, Citi would offer 20% of its limited partnership stake to existing MCP II limited partners. The transaction, whose terms are not disclosed, may close in the fourth quarter of 2014.
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