Cerberus Capital Management LP said Feb. 27 that one of its affiliates agreed to acquire U.K.-based Bluestone Group's Australasian mortgage lending and portfolio servicing operations in an all-cash transaction.

Cerberus will buy 100% of shares in Bluestone Holdings Australia and its subsidiaries, with Australia-based Macquarie Bank Ltd.'s stake increasing to 30% following the deal. Bluestone Group CEO Peter McGuinness will have a 10% shareholding.

Lloyds Development Capital will off-load its majority shareholding in Bluestone in a share buyback.

The deal will also see entities associated with Bluestone founder Alistair Jeffery regain a controlling stake in the remaining group.

Bluestone was advised by Rothschild, Addisons, Clayton Utz and PricewaterhouseCoopers. Cerberus was advised by Allens and Deloitte.