Bank of Boston Corp. has completed the partial spinoff of its mortgage company to two venture capital firms, an interim step toward a three-way joint venture that will also include Barnett Banks Inc.

Thomas H. Lee & Co. and Madison Dearborn Partners paid $135 million to Bank of Boston on Friday for 55% of BancBoston Mortgage.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.