Transaction|March 31, 2017

Citigroup completes sale of CitiFinancial Canada (now Fairstone Financial)

Torys acted as counsel to Citigroup with a team that included Richard Willoughby, Leah Frank and Paulina Taneva (corporate/M&A), Steven Slavens (transition services), Sumeet Dang (IP licensing), Omar Wakil (regulatory) and Andrew Silverman (tax).

On March 31, 2017, J.C. Flowers & Co. LLC ("J.C. Flowers") and Värde Partners completed the acquisition of Fairstone Financial Inc. (Fairstone), formerly CitiFinancial Canada, from an affiliate of Citigroup Inc. ("Citi"). The terms of the transaction were not disclosed.

Fairstone is Canada's leading non-bank provider of responsible lending solutions, operating over 200 branches coast to coast.

Citi is a leading global bank, with approximately 200 million customer accounts and doing business in more than 160 countries and jurisdictions.

J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry.

Värde is a $12 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, residential mortgages, specialty finance, transportation and infrastructure.

Further information can be found on Canada Newswire's website.