Simpson Thacher Represents Citigroup Inc. in its Announced Agreement to Sell BELLSYSTEM24
11.16.09
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Simpson Thacher is representing Citigroup Inc. in its announced agreement to tender all of its shares of BELLSYSTEM24, Inc., a leading Japanese call center operator owned through Citigroup Capital Partners Japan Ltd., in a tender offer to be launched in Japan by an acquisition corporation owned by investment funds advised by Bain Capital. In accordance with the terms of the tender offer, Citi will receive cash consideration of ¥93.5 billion (US$1.0 billion) for its 93.5% stake in BELLSYSTEM24. The tender offer is subject to regulatory review and customary conditions, and is anticipated to launch on or before November 20, 2009 and be settled on December 30, 2009.
The Simpson Thacher team working on the transaction includes David Sneider, Andrew Hecht and Sam Porter (M&A); and Polly Mullan (Credit).