Global law firm White & Case LLP advised Citi in connection with its agreements to sell minority equity stakes in Grupo Financiero Banamex, S.A. de C.V. (Banamex) to a group of prominent institutional investors and family offices, including General Atlantic, Afore SURA, Banco BTG Pactual, Chubb, funds managed by Blackstone, Liberty Strategic Capital and Qatar Investment Authority (QIA). This transaction marks a significant milestone in Citi's ongoing divestiture of Banamex.
Under the respective transaction agreements, the buyers have committed to acquire, in aggregate, 24 percent (approximately 499 million shares) of Banamex's outstanding common stock at a fixed price of approximately MXN 43 billion (about US$2.5 billion). The transactions are subject to customary closing conditions, including antitrust regulatory approval in Mexico. Upon completion of all committed purchases, Citi will have sold 49 percent of Banamex.
This transaction comes after the continued representation of Citi by White & Case in connection with its divestment from Banamex, including the successful and unprecedented separation of Grupo Financiero Citibanamex into Grupo Financiero Banamex and Grupo Financiero Citi México in 2024, followed by the sale of 25 percent of Grupo Financiero Banamex to Fernando Chico Pardo in 2025.
The White & Case team was led by Capital Markets partners Narciso Campos and Eduardo Flores Herrera, and M&A partner Alberto Sepúlveda. The team also included counsel Jorge Escalante and associates Andrés Sánchez, Dieter Kuhn Estrada and Jorge Reyes Juarez (all in Mexico City).
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