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Sunday, August 17, 2014

Blackstone, TPG near buying UK subprime mortgage lender -SkyNews, (NYSE: BX)

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. ( 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.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.98% or $-0.33/share to $33.21. In the past year, the shares have traded as low as $21.30 and as high as $36.08. On average, 4519600 shares of BX exchange hands on a given day and today's volume is recorded at 3230928.