Report: Blackstone, TPG to purchase Kensington

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

Private equity firms The Blackstone Group (NYSE:BX) and TPG Capital are closing in on deal to purchase subprime mortgage lender Kensington, Sky News reports.

Kensington is owned by Investec (OTC:IVTJY), which bought the company for £283M ($473M) in 2007 just as the financial markets began to seize up.

The takeover has not yet been finalized, but insiders say the deal is likely to be announced this week.