Citigroup, US Bancorp sell Brazilian credit-card venture



Citigroup Inc. and U.S. Bancorp agreed to sell their Brazilian credit-card joint venture to Stone Pagamentos SA, according to an e-mailed statement from the Sao Paulo-based payments company.
The deal gives the venture, Elavon do Brasil Solucoes de Pagamento SA, an enterprise value of more than 300 million reais ($84 million), according to a person familiar with the terms of the deal, who asked not to be identified because details haven’t been made public. The figure includes debt and investments.
Stone Pagamentos declined to comment on the value. The company is owned by Arpex Capital, whose shareholders include billionaire Jorge Paulo Lemann.

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