Businessman Denis O'Brien is taking over control of the Beacon Private Hospital in Dublin.

In a statement, the University of Pittsburgh Medical Centre (UPMC) confirmed it was divesting its ownership and relinquishing all management responsibilities at the 214 bed facility in Sandyford in south Dublin.

UPMC had run the Beacon since 2008, It says it had been in discussions with Ulster Bank and RBS about restructuring outstanding bank debts but these were sold to Mr. O'Brien.

The UPMC statement also confirms that its cancer centre in Waterford - which is a joint venture with the Whitfield Clinic - is unaffected by the change of ownership of the Beacon Hospital.