Bain nearing 1 billion pound deal with Priory: report

LONDON (BestGrowthStock) – U.S. private equity firm Bain Capital is nearing a 1 billion pound ($1.6 billion) deal for mental health specialist the Priory Group, the Financial Times said on Thursday.

An agreement for Bain to enter a period of exclusive negotiations with the owners of the Priory, led by Royal Bank of Scotland (RBS.L: ), is expected to be sealed in the coming days, the newspaper said without citing sources.

The Priory operates more than 50 hospitals, schools and care homes in Britain and is best known for treating celebrities.

It is being sold as RBS sheds non-core assets to slim its unwieldy balance sheet.

The firm is expected to sign up a group of banks, which could include JPMorgan (JPM.N: ) and RBS, to provide 500 million pounds of debt financing for the deal, the FT said.

Officials at the London offices of Bain and RBS were not immediately reachable for comment out of regular officer hours.

Other potential buyers for the Priory, which have included Blackstone (BX.N: ), Advent International and Cinven Group (CINV.UL: ), have not progressed to the next stages but are still involved in the process, the FT said.

($1 = 0.6257 pound)

(Reporting by Karolina Tagaris; Editing by Anshuman Daga)

Bain nearing 1 billion pound deal with Priory: report