SAO PAULO (Reuters) - Citigroup Inc and U.S. Bancorp agreed to sell their combined 100 percent stake in Brazilian credit card processing joint venture Elavon do Brasil to a local rival for an undisclosed sum, two sources with direct knowledge of the deal said on Friday, ending months of negotiations to exit the money-losing firm.
According to the sources, who requested anonymity due to the confidential nature of the transaction, Stone Pagamentos SA agreed to replenish Elavon's capital and inject additional funds for future growth as part of the transaction.
Stone is controlled by Brazilian investment firm Arpex Capital, of which billionaire Jorge Paulo Lemann is a partner, and Banco Pan SA
(Reporting by Guillermo Parra-Bernal and Bruno Federowski; Editing by Dan Grebler)
