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 Paschal)