Thomas H. Lee Partners, the private equity firm, that specialises in "friendly" buyouts is set to buy a majority stake in Refco Group, the world's largest independent retail futures brokerage, for up to $2.5bn (€2.1bn).

According to a report in the New York Post the deal, which could be announced as early as this week, will provide additional liquidity to Refco while potentially positioning it for a public offering. A deal is expected to be signed later this week.