CBL Corp’s administrators have announced a deal to sell its UK-based Professional Fee Protection business for an undisclosed sum.

The sale to US private equity firms Highbridge Principal Strategies and Madison Dearborn Partners is subject to regulatory approvals and the terms cannot be revealed at this time, Brendon Gibson and Neale Jackson of KordaMentha said last week.

CBL subsidiary PFP is conducting the sale of the business, which was acquired in 2015 for £7.5 million ($13.4 million).