April 10, 2011 / 8:08 AM / 7 years ago

AnaCap buys Cabot Financial from Citi

LONDON, April 10 (Reuters) - European private equity company AnaCap Financial Partners has agreed to buy consumer debt financing group Cabot Financial from American bank Citi , the companies said in a statement.

The price of the acquisition was not disclosed, but AnaCap said the deal would create a leading British debt management firm with combined assets under management of more than 6 billion pounds ($9.83 billion).

“The UK’s debt management sector is very fragmented and we believe that creating a large scale provider will facilitate a superior level of service for both corporate customers and consumers,” AnaCap managing director Fabrizio Cesario said in a statement. ($1=.6103 Pound)

(UK equities)

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