BlackRock (NYSE:BLK), Banco Santander (SAN, STD) and more than 10 private equity firms are reportedly forming groups to bid on Citigroup’s (NYSE:C) U.S. consumer lending unit.
Bloomberg reported the story late yesterday, citing unnamed people with knowledge of the matter.
There are at least four teams putting together offers.
Bloomberg said BlackRock and private equity firms KKR (NYSE:KKR) and Warburg Pincus are mulling a joint bid, and are in talks that include Banco Santander, and could offer about $13 billion.
Former Citi president Robert Willumstad is leading another group via his firm, Brysam Global Partners, which includes Blackstone Group (NYSE:BX), Carlyle Group, Thomas H. Lee Partners and WL Ross & Co., according to Bloomberg.
Apollo Management and J.C. Flower& Co. are also working together on an offer, as are Clayton, Dubilier & Rice and Onex Corp, Bloomberg reported.
Citi is selling the unit to streamline itself following its struggles and bailout following the financial crisis.
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