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Actis management to buy government’s 40% stake

Deal comes after 12-month search failed to find an alternative buyer for private equity firm

The UK government is to sell its remaining stake in the private equity firm Actis to its management after a 12-month search failed to find an alternative buyer.

The sale process was among the most acrimonious in the buyout industry. At a conference in June Paul Fletcher, chief executive of Actis, accused the government of employing "shakedown" tactics.

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