Deals
RBS Sells 25% Stake in Citizens Financial for $3.21 Billion
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Royal Bank of Scotland Group Plc said investors agreed to pay $3.21 billion in a public offering for a 25 percent stake in its U.S. unit Citizens Financial Group Inc.
RBS is selling 135 million shares for $23.75 apiece, Citizens said Wednesday in a statement. The U.K. firm’s stake in Citizens is declining to 45.6 percent from 70.3 percent. The transaction is set to close March 30, and underwriters have a 30-day option to buy an additional 20.25 million shares at the offering price, minus a discount to cover overallotments, according to the statement. That would take RBS’s stake to 41.9 percent.