Primerica Inc. announced a subsidiary of Citigroup Inc. has sold about 16 million shares of Primerica common stock to private equity funds managed by Warburg Pincus L.L.C.

The shares, priced at $230 million, includes warrants that will allow the funds of Warburg Pincus, New York, to acquire around 4 million additional shares of Primerica common stock, for 7 years, at an exercise price of $18 per share.

Following the closing of Warburg Pincus’ investment, Citigroup units own less than 40% of Primerica’s outstanding common stock.

Primerica, Duluth, Ga., says it has about 100,000 representatives selling life insurance, mutual funds, variable annuities and other financial products to middle-income households in North America.

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