Following four months of intense negotiations, Tata Steel UK has finalised a deal with London-based Greybull Capital to sell its struggling long products division for a "nominal consideration". The sale covers several UK-based assets, including the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, associated distribution facilities, as well as a mill in northern France. The Indian steel major, which is exiting its loss-making European businesses, has appointed KPMG as the adviser to sell its entire investment in the UK. Slaughter and May will be the legal advisers. "The formal process has commenced on Monday with the despatch of the Summary Information Memorandum to potential investors," said Tata Steel in a statement on Monday. Tata Steel has a production capacity of 13 million tonnes in Europe and has made a provision of ₹7,000 crore for the struggling assets. As of September 30 last year, Tata Steel's consolidated debt was ₹71,798 crore, including long-term debt of €3 billion in its European business.