Citigroup to Sell $7.5 Billion in Equity Units to Abu Dhabi

By James Temple

Nov. 26 (Bloomberg) -- Citigroup Inc., the largest U.S. bank, said it agreed to sell $7.5 billion of equity units to the Abu Dhabi Investment Authority.

The units will convert into common shares, the New York- based company said today in a press release distributed by Business Wire. ADIA, the sovereign wealth fund of the government of Abu Dhabi, has agreed not to own more than 4.9 percent of Citigroup's common shares, according to the statement.