CVC Capital Partners, the newly listed private equity giant, is in advanced talks to buy one of Britain's biggest infrastructure services providers.
Sky News understands that CVC, which floated in Amsterdam last month, is the final remaining bidder for M Group.
CVC is said to have seen off competition from rival bidders including Apollo Global Management, with a deal expected to be signed in the coming weeks.
The price that CVC, which owns assets including a stake in rugby union's Six Nations Championship, is paying for M Group was unclear on Friday, although previous reports about the auction pegged its value at about £1.5bn.
M Group employs roughly 11,000 people, according to its website, and has a turnover of £2bn.
It provides essential services across sectors including water, telecoms, energy and transport.
Since 2018, it has been majority-owned by PAI Partners, another private equity firm.
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Investment bankers at Citi are advising PAI on the sale process.
The prospective deal comes amid a flurry of dealmaking across the infrastructure sector.
CVC declined to comment, while PAI could not be reached for comment.
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