Private equity firm CVC Capital Partners Ltd will buy a majority stake in AlixPartners LLP as the restructuring and consulting firm looks to develop its services and expand geographically.

The deal, whose terms were not disclosed, is expected to close this summer.

CVC had beat out other buyout firms, including Madison Dearborn Partners and Providence Equity Partners, in the race to buy AlixPartners from private equity owner Hellman & Friedman, in a deal valued at more than $1 billion, sources had told Reuters last week.

AlixPartners' 125 managing directors will maintain a considerable equity stake in the enterprise, the company said in a statement.

Southfield, Michigan-based AlixPartners, founded by Jay Alix in 1981, competes in the restructuring and bankruptcy space with specialists such as FTI Consulting and Alvarez and Marsal, as well as the turnaround practices of major consulting firms including McKinsey & Company, Boston Consulting Group and Bain & Co.

Jay Alix will maintain a substantial minority stake in the firm, AlixPartners said.

AlixPartners' recent high-profile assignments have included advising General Motors Co on its ongoing restructuring of its money-lossing European Opel unit.