Allianz. Capital Partners, the private equity unit of the German insurer, has agreed the £1.4bn ($2.6bn) sale of Four Seasons Healthcare, owner of one of the UK's largest nursing home estates, to an investment vehicle linked to the Qatar Investment Authority. The disposal is expected to result in a profit estimated at £300m-£400m for ACP, which acquired the business in 2004 for £775m before making a number of acquisitions.

Both 3i and Terra Firma, the private equity groups, made indicative offers for Four Seasons at a level close to yesterday's price during a protracted auction process that began at the start of the year.

ACP, advised by Dresdner Kleinwort, is selling the business on a multiple of 14 times Fours Seasons' earnings before interest tax depreciation and amortisation.

One banker who participated in the auction said the multiple agreed by the Qatar-backed Three Delta was high relative to recent large deals in the healthcare sector.