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Citigroup on the verge of selling Egg

Online financial operation Egg is rumoured to be up for sale with US giant Citigroup recently announcing the potential disposal of all non-core assets. Egg has come to epitomise the Internet arena and the impact this had upon the financial industry. The operation was acquired from the Prudential in January 2007 with a price tag of £575 million. So what can Citigroup expect to raise with a potential sale of Egg?

While neither Citigroup nor Egg is willing to officially confirm or deny the rumours regarding a potential sale of the operation, analysts expect a price tag of around £500 million if the transaction does go ahead. In the heady days of the Internet, Egg was rumoured to be worth billions of pounds although ultimately Prudential hung onto the asset for too long and missed out selling at the peak of the market. It is unclear at this moment in time who is the favourite to acquire the operation with the likes of Santander and a whole host of other UK operations no doubt waiting to scan the books as and when available.

The replication of the Egg online business model has in many ways reduced the value of the operation although in the right hands it could be a fairly useful business tool.

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