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RBS agrees sale of Priory Group

18 Jan 2011 07:00

RNS Number : 6352Z
Royal Bank of Scotland Group PLC
18 January 2011
 

The Royal Bank of Scotland Group plc

18 January 2011

RBS agrees sale of Priory Group to Advent International

The Royal Bank of Scotland Group plc ("RBS") announces today it has reached agreement for the sale of the Priory Group to Advent International for an enterprise value of up to £925 million. After the settlement of outstanding debt, RBS expects to receive gross equity proceeds of up to £133 million in cash from the sale of its minority equity stake in the Priory Group.

 

The sale of this legacy private equity asset marks further progress in the execution of the asset reduction element of RBS's strategic plan announced in February 2009. The sale remains subject to certain conditions and is expected to complete in Q1 2011.

 

Contacts

Richard O'ConnorHead of Investor Relations+44 (0) 20 7672 1758

Michael StrachanMedia RelationsTel: +44 (0) 131 626 3997

END

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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