Blackstone Progresses In Citi Unit Sale

Blackstone Group has reached the second round of bidding for Citigroup’sconsumer-finance business, OneMain Financial, The Wall Street Journal reports. The private-equity firm was part of a joint bid made by several private-equity firms, including Carlyle Group, WL Ross & Company, Thomas H Lee Partners and Brysam Global Partners.

It was unclear if Blackstone was still a part of the larger group. Warburg Pincus and JC Flowers & Company are the other interested bidders separately exploring a deal for OneMain. OneMain focuses on subprime lending to lower-income borrowers.

Click here for the story from The Wall Street Journal.