UNQUOTE

UK - Private equity could make joint-bid for Four Seasons

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RBS-owned specialist healthcare provider The Priory Group has been reported as having held discussions with buyout houses Apax, Blackstone and KKR about the possibility of a joint bid to acquire care home operator Four Seasons.

Four Season is currently trying to restructure a £1.5bn debt package and its creditors are expected to agree a debt-for-equity swap before 22 January 2009. It has been reported that lenders Cheyne Capital, Marathon Asset Management and a Morgan Stanley Real Estate fund would take on a combined majority equity stake. The business has not yet been put up for sale.

Four Season is owned by the Quatar Investment Authority which acquired the business in 2006 in a £1.4bn deal.

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