Linklaters and Freshfields Bruckhaus Deringer have taken lead roles on Citigroup's sale of the UK credit card assets of online bank Egg to Barclays.

Citi instructed Linklaters on the deal, which is the latest in a series of credit card portfolio sales by the US-based banking group. The magic circle law firm fielded a London team under corporate partner Casper Lawson.

Freshfields, meanwhile, advised Barclays with a team led by corporate partner Philip Richards and also including New York finance partner Ellen Hayes.

The transaction, which closed earlier this week (28 February) comprised around £2bn of credit card balances representing 1.2 million customer accounts. The price of the sale has not been disclosed but press reports have valued the deal at around £1.9bn.

The Egg portfolio had reportedly attracted interest from US buyout house Blackstone, which considered buying both it and another of Citi's portfolios to create a larger credit card company. It is understood that Blackstone was advised by regular corporate counsel Simpson Thacher & Bartlett.

The transaction adds to Barclays' existing 11 million Barclaycard credit card customers and underlines the bank's ambition of expanding its retail banking operations in its home market.

The US bank put Egg up for sale last summer but was unable to find a buyer for the whole bank, leaving Citi still on the hunt for a buyer for its insurance, savings and mortgages business. Citi acquired Egg from Prudential in 2007 for £575m. At the time, Slaughter and May landed a lead advisory role for Prudential opposite Linklaters for Citi.