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Primerica shares sold to Warburg Pincus

A subsidiary of Citigroup has sold 16.4 million shares of Primerica common stock to private equity funds managed by Warburg Pincus for USD230m.

The transaction included warrants that will allow the Warburg Pincus funds to acquire approximately 4.1 million additional shares of Primerica common stock over a period of seven years at an exercise price of USD18 per share.

Affiliates of Citigroup now own less than 40 per cent of Primerica’s outstanding common stock.

Michael E Martin, a managing director of Warburg Pincus who co-heads its financial services group, and Daniel Zilberman, another managing director of Warburg Pincus, have been appointed to Primerica’s board of directors.

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