Blackstone in talks with Southern Cross

The takeover talks come after Towerbrook Capital walked away from a proposed deal with Southern Cross without making an offer.

Blackstone is familiar with Southern Cross having acquired the business in a £167m secondary buyout from West Private Equity and Strand Partnersin 2004. Two years later the private equity house listed Southern Cross on the London Stock Exchange.

The care group, which has around 750 nursing homes throughout the UK, is looking for a new buyer after registering a fall of 80% in its share price since the start of the year.

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