Cerberus Capital Management and Centerbridge Capital Partners have placed their bids for Citigroup’s U.S. consumer-lending unit, OneMain Financial, Bloomberg reports. Other bidders include Apollo Management, JC Flowers and Clayton, Dubilier & Rice. A group, including Warburg Pincus, pulled out from the bidding process.
The auction includes about $13 billion of OneMain assets and the book value of the business is about $2 billion. Citigroup is selling the business as part of its strategy to offload $600 billion of its unwanted assets.
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