Citi Near $1.1B Sale of Japan Telemarketer

NEW YORK (TheStreet) -- Citigroup(C Quote) is close to finalizing a $1.1 billion sale of Japan's largest telemarketer, Bellsystem24, to private-equity firm Bain Capital, sources familiar with the development told Reuters.

Final details are being worked out and an official announcement is likely to be made within days, Reuters reports.

Bain has beaten off Permira and a team of CVC Capital and Blackstone(BX Quote), which also had made offers in the final round of bidding for Bellsystem24, Reuters reports, citing the sources.

Earlier this month, Bain had secured an exclusive negotiating agreement for Bellsystem24, making it the most probable buyer.

The deal would mark the largest buyout by a foreign private-equity firm in Japan since March 2008 when Permira bought agrichemical company Arysta LifeScience for more than $2 billion, Reuters notes.

Citigroup put Bellsystem24 up for sale as part of its plans to raise cash. The bank already has raised more than $7 billion in Japan alone through asset sales which included a broker, a trust bank and a fund management division, according to Reuters.