May 7, 2018 / 9:30 PM / 3 months ago

ValueAct takes $1 billion stake each in Citigroup, Sallie Mae -letter

BOSTON, May 7 (Reuters) - Activist investing firm ValueAct Capital Partners invested $1.2 billion in Citigroup Inc and roughly $1 billion in SLM Corp’s student lender Sallie Mae, according to a letter seen by Reuters on Monday.

In the letter ValueAct sent to clients, the firm said it built its roughly $1.2 billion Citigroup position over the last four to five months and is adding to it “opportunistically.”

ValueAct added that the bank could return about $50 billion in cash to shareholders over the next two years, according to the letter. (Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker)

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