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NEW YORK (AP) - Citigroup Inc. and State Street Corp. said Friday they will sell benefit services company CitiStreet LLC to ING Group in a deal worth $900 million.
Insurer ING said it will fund the acquisition from existing internal resources.
Citigroup and financial services firm State Street are joint owners of Quincy, Mass.-based CitiStreet, which was created in 2000.
Citigroup said the transaction is part of its plan to sell non-core assets and reallocate capital.
ING said the deal will make it the third-largest defined contribution business in the U.S., based on assets under management and assets under administration.
CitiStreet, which has about 3,700 workers, had more than $262 billion in assets under administration as of March 31.
The acquisition is expected to close by the end of the third quarter.
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