Citi, Barclays Among Banks Backing Advent Buyout of Reckitt Unit

Citigroup Inc. and Barclays Plc are among banks that are set to lead a roughly $2.9 billion-equivalent debt financing that will support Advent International’s move to buy part of Reckitt Benckiser Group Plc.

HSBC Holdings Plc, Banco Santander SA and Sumitomo Mitsui Banking Corp. are also expected to score roles on the deal, according to people familiar with the matter, winning some of the most lucrative and sought-after business in investment banking. Reckitt’s sale of most of its home-care business is one of the few buyouts to be agreed this year amid a prolonged dearth of mergers and ...