Royal Bank of Scotland has announced the long-awaited sale of the Priory Group, the care homes operator famous for its celebrity clientele, to buyout firm Advent International in a deal worth up to £925m.
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 part-nationalised British bank's plans to sell non-core assets and shore up its balance sheet.
RBS said the Priory Group sale carried an enterprise value of up to £925M.
The British bank said it would receive up to £133m cash after the settlement of debt for its stake in the group.
Advent International beat out competition from the likes of Bain Capital, Blackstone and Cinven to win the Priory Group auction.