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Lloyds sells private equity unit

British firm offloads division to buyout company

05 July 2010

Lloyds Banking Group has negotiated the sale of its private equity unit to buyout firm Coller Capital £332 million.

The UK bank will transfer 40 private equity investments to a joint venture with Coller, with Lloyds owning 30 per cent of the newly formed company.

Investments include stakes in Vue Cinema and TM Lewin, while the sale values the whole portfolio at £480 million.

The deal is the latest move by 41 per cent tax-payer owned Lloyds to offload non-core assets following an order by the European Commission to sell off assets amid concerns over competition.

"This transaction is in line with the group's strategy of divesting assets which are not core to its strategy and over the last 12 months the group has now sold six businesses, raising over £750 million," Lloyds said in a statement.

Last week, Royal Bank of Scotland sold its Indian unit to HSBC as it also looks to sell assets.

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