Private equity firm Texas Pacific Group has sold its remaining stake in UK department store chain Debenhams.

A statement on the London Stock Exchange said it sold its final 120.2m shares today (28 October).

The Guardian newspaper reported that the stake was snapped up by an institutional buyer for around GBP97m (US$158.1m).

Texas was among a consortium of private equity firms - also including CVC Capital and Merrill Lynch Private Equity - that bought Debenhams in 2003.

The retailer was floated on the London Stock Exchange three years later.