Kirkland & Ellis LLP represented Värde Partners and J.C. Flowers & Co. LLC as a consortium in their agreement to acquire CitiFinancial Canada, Inc., from Citi, announced today. The agreement is expected to close in the first half of 2017 and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed. Additional details are available here.
With USD 1.9 billion (CAD 2.5 billion) of assets and over a quarter of a million active customers, CitiFinancial Canada operates 217 branches across Canada. In addition to personal lending and mortgage solutions, CitiFinancial Canada provides retail financing programs to many of Canada’s top retailers.
The Kirkland team included corporate partners Tana Ryan (Los Angeles), Richard Campbell (Chicago), Navneeta Rekhi (Palo Alto) and Edwin del Hierro (Chicago) and associate Michele Cumpston (Los Angeles).