Barclays to sell Barclays Private Equity to management for £45m

Barclays Bank is to sell the management company and associated companies which form Barclays Capital's management buy-out business, Barclays Private Equity, to its management team.

The management team will then re-launch the business as Equistone Partners Europe.

In a statement, the firm said: "Equistone will continue to manage its existing three funds on behalf of its existing investors in those funds. Barclays remains an investor alongside those funds and the largest single investor in Equistone's investments to date.

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"The value of the gross assets disposed of is expected to be approximately £45m. The transaction is not expected to have a material impact on Barclays earnings per share or capital ratios."

NR