Citi to sell $7.5 billion equity units to Abu Dhabi group

NEW YORK (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) said on Monday it has reached a deal to sell $7.5 billion worth of Equity Units, to be converted into common shares, to the Abu Dhabi Investment Authority (ADIA).

Citi said ADIA's total ownership in its common shares would total no more than 4.9 percent of Citi's total shares outstanding.

Under terms of the agreement, ADIA will have no special rights of ownership or control and no role in the management or governance of Citi, including no right to designate a member of the board of directors.

Each Equity Unit is mandatorily convertible into Citi shares at prices ranging from $31.83 to $37.24 per share.

The investment is expected to close within the next several days, Citi said.

(Reporting by Bill Berkrot, editing by Carol Bishopric)