M&A Deal Summary

ING Groep Acquires CitiStreet

On February 5, 2008, ING Groep acquired financial services company CitiStreet from Citi and State Street for 900M USD

Acquisition Highlights
  • This is ING Groep’s 3rd transaction in the Financial Services sector.
  • This is ING Groep’s 5th largest (disclosed) transaction.
  • This is ING Groep’s 5th transaction in the United States.
  • This is ING Groep’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2008-02-05
Target CitiStreet
Sector Financial Services
Buyer(s) ING Groep
Sellers(s) Citi
State Street
Deal Type Divestiture
Deal Value 900M USD

Target

CitiStreet

North Quincy, Massachusetts, United States
CitiStreet LLC is a US-based retirement plan and benefit service and administration company, with additional operations in Australia for more than 16,000 plans and 12 million participants.

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Buyer(S) 1

Buyer

ING Groep

Amsterdam, Netherlands

Category Company
Founded 1762
Sector Financial Services
Employees60,000
Revenue 22.4B USD (2023)
DESCRIPTION
ING branch in central Barcelona.
ING branch in central Barcelona.

ING Groep is a diversified financial services company offering banking, investment, life insurance, and retirement services products and services. ING has operations throughout Europe, North America, and Asia. ING Groep was founded in 1762 and is based in Amsterdam, the Netherlands.


DEAL STATS #
Overall 5 of 6
Sector (Financial Services) 3 of 3
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 2
Country (United States) 5 of 6
Year (2008) 1 of 2
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-07-20 Aetna Financial Services

Connecticut, United States

Aetna Financial Services consists of Aetna's non-healthcare insurance products offerings.

Buy $7.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 CitiStreet

North Quincy, Massachusetts, United States

CitiStreet LLC is a provider of record keeping and administrative services, counseling and advice programs, and other benefit plan services primarily in the US. It has approximately 3,700 employees with the majority located in the US.

Buy $900M

Seller(S) 2

SELLER

Citi

New York, New York, United States

Category Company
Founded 1812
Sector Financial Services
Employees237,000
Revenue 78.5B USD (2023)
DESCRIPTION

Citi is a global diversified financial services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi was incorporated in 1812 and is based in New York City.


DEAL STATS #
Overall 4 of 19
Sector (Financial Services) 3 of 12
Type (Divestiture) 4 of 16
State (Massachusetts) 1 of 1
Country (United States) 4 of 11
Year (2008) 1 of 5
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-02 Automated Trading Desk

Mount Pleasant, South Carolina, United States

Automated Trading Desk is a brokerage firm specializing in automated trading and customized equity execution solutions. Automated Trading Desk has about 120 broker-dealer customers and trades, on average, more than 200 million shares daily, or 6 percent of the volume on both the New York Stock Exchange and Nasdaq.

Buy $680M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-07 Diners Club International

Chicago, Illinois, United States

Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers, offering access to more than 500 airports lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world.

Sell $165M
SELLER

State Street

Boston, Massachusetts, United States

Category Company
Founded 1792
Sector Financial Services
Employees39,439
Revenue 11.9B USD (2023)
DESCRIPTION

State Street is a specialist in providing institutional investors with investment servicing, investment management and investment research and trading services. State Street was founded in 1792 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 2 of 2
Type (Divestiture) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 2
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-02 Currenex

New York City, New York, United States

Currenex®, Inc. (www.currenex.com) is the market and technology leading online global currency trading platform that links buyers and sellers worldwide and is open to all money market and FX market participants. Currenex provides instant access to the global foreign exchange and money market asset classes via five price discovery mechanisms across all currencies. Currenex delivers secure, reliable and comprehensive FX and loans and deposits trading from trade initiation, pricing and execution to confirmation, settlement and reporting

Buy $564M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 CitiStreet

North Quincy, Massachusetts, United States

CitiStreet LLC is a provider of record keeping and administrative services, counseling and advice programs, and other benefit plan services primarily in the US. It has approximately 3,700 employees with the majority located in the US.

Buy $900M