Citigroup Completes Sale of Primerica Common Stock to Warburg Pincus

Skadden represented Citigroup and its wholly owned subsidiary, Primerica, in the sale of common stock and warrants to private equity funds managed by Warburg Pincus LLC and certain reinsurance and restructuring transactions. In the sale, which closed April 15, Citi sold approximately 16.4 million shares of common stock of Primerica for a purchase price of $230 million. The sale occurred pursuant to the completion of Primerica's IPO, in which Skadden also represented Citi, as selling stockholder, and Primerica, Inc., as issuer. The parties made a joint election under section 338(h)(10) of the Internal Revenue Code and received a private letter ruling from the Internal Revenue Service regarding certain aspects of the transaction.