Aug 18 Private equity firms The Blackstone Group
LP and TPG Capital Management LP are close to
buying subprime mortgage lender, Kensington, Britain's Sky News
reported on Sunday.
Sky News said the sale of Kensington, owned by Anglo-South
African financial services provider Investec, had not
yet been finalised, but a deal could be announced this week.
The television and multimedia news agency said the two firms
had lined up a new management team to take charge once the deal
is completed. (bit.ly/1oGhSi0)
Blackstone and TPG are also expected to pump capital into
the business, Sky reported.
Investec bought Kensington, which had specialised in lending
to home buyers with a poor credit history, in a
283-million-pound ($473.03 million) deal in 2007.
Blackstone and TPG representatives declined to comment on
the report. Investec could not immediately be reached outside
regular working hours in the UK.
($1 = 0.5983 British Pounds)
(Reporting by Karen Rebelo in Bangalore; Editing by Jan