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Weil Advises Advent In $1.5B Buy Of Priory From RBS

Law360 (January 18, 2011, 3:20 PM EST) -- The Royal Bank of Scotland Group PLC announced Tuesday it had agreed to sell the Priory Group, a U.K.-based provider of mental health services, to private equity firm Advent International in a deal worth up to £925 million ($1.5 billion).

The bank expects to receive gross equity proceeds of up to £133 million in cash after outstanding debt has been settled. The transaction is subject to regulatory approval and should be complete during the first quarter, RBS said.

The sale is part of a strategic plan...
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