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Report: China's Legend Holdings closing in on deal to buy stake in UK pension buyout firm

China-based Legend Holdings is closing in on a deal toacquire a "substantial" minority stake in , Sky Newsreported March 29, citing sources.

The deal could involve the Chinese firm committing"several hundred million pounds" for a stake in the U.K. company,which insures corporate retirement schemes for third parties.

An agreement could be reached in the next two weeks,according to the sources. The Chinese firm is said to have been competingagainst rival bids from CVC Capital Partners, according to Sky News on Feb. 1.

Dubai-based Istithmar World may also increase its investmentin the U.K. firm, according to one of the sources. Existing PIC shareholders,including Royal Bank of ScotlandGroup Plc, are expected to sell approximately £250 million of theirholdings in addition to raising £250 million by issuing new shares.