UK's Petershill Partners sells majority stake in General Catalyst for $726 million

(Reuters) - British investment group Petershill Partners said on Thursday it sold its majority stake in venture capital firm General Catalyst for $726 million.

Petershill Partners said it intends to pay a special dividend of 14 cents per share, amounting to $151 million, reflecting the return to shareholders of the majority of the net gain made on the disposal.

The company also said it plans to retain the majority of the net proceeds from the sale for new investments.

(Reporting by Raechel Thankam Job; Editing by Savio D'Souza and Varun H K)