Private equity firm Oakley Capital will acquire a majority stake in debt administration ⁠services provider ‌Global Loan Agency Services, alongside a minority investment from Canadian pension fund La Caisse, it said on Monday.

The British firm did not ⁠specify how much the deal valued GLAS at, but said its indirect contribution for its share of investment was expected to be up to roughly 55 million pounds ($73.9 million) through one of its funds. Reuters had reported in ⁠September last year that the ​owner of GLAS, U.S. buyout firm Levine Leichtman Capital, was exploring selling its stake in the company, adding ‍that a sale of Levine's stake could value GLAS at 1 billion pounds ($1.34 billion).

London-headquartered GLAS provides ​administration services specifically for the debt market, covering private credit, leveraged finance, capital markets and bankruptcy.

It was founded in 2011 and has over $700 billion of assets under administration, according to its website.

In a separate statement on Monday, Levine Leichtman said that it had sold its stake in GLAS to Oakley for an undisclosed sum. Levine Leichtman had acquired its stake in 2022. Oakley said that Levine Leichtman will retain a small shareholding in GLAS, with CEO and Founder Mia Drennan continuing to lead the company, alongside ⁠the existing executive management team.

"Oakley has a strong ‌track record supporting global market leaders, and we are excited about the opportunities this partnership, alongside La Caisse, will unlock for GLAS," Drennan said in a statement.

Sky News ‌first reported ⁠the deal on Sunday.

($1 = 0.7451 pounds)

(Reporting by Rishabh Jaiswal, Ankita Bora and Pushkala Aripaka in ⁠Bengaluru; Editing by Edmund Klamann, Chizu Nomiyama and Louise Heavens)