Royal Bank of Scotland (RBS) will finally part company with the Priory Group, the care homes operator famous for its celebrity clientele.
The 84 per cent state-owned bank will sell the firm to buyout company Advent International in a deal worth up to £925m.
However, RBS will only receive around £133m in cash for its stake in the group after the settlement of debt.
RBS had been in talks with several private equity and buyout firms over much of last year, and the sale marks a further step in the bank’s plans to sell non-core assets and shore up its balance sheet.
Advent International beat out competition from the likes of Bain Capital, Blackstone and Cinven to win the Priory Group auction.
RBS said the Priory Group sale carried an enterprise value of up to £925m.