Lloyds TSB has agreed to sell its share-registration business to private equity firm Advent International for £550 million (€805.42 billion) in cash.
Sources had said earlier this month that Advent was in exclusive talks to buy Lloyds TSB Registrars for around that amount, having fought off rival suitors.
Lloyds said it expected the deal to be completed in the second half of the year.
Lloyds TSB Registrars handles share registration services for about 700 companies, including about 55 of the FTSE 100, and manages over 24 million investor and shareholder accounts.
READ MORE
The business contributed £32 million to group profit after tax in 2006 and had gross assets of approximately £85 million as at the end of December 2006.