Businessman Denis O'Brien is to take over Beacon Private Hospital in Dublin.

This follows the decision of Ulster Bank/RBS to sell around €100 million in debts associated with the major private hospital in Sandyford in Dublin to Mr O'Brien.

The University of Pittsburgh Medical Centre (UPMC), which owns the Beacon facility, said today it would be divesting its ownership and relinquishing all management responsibilities at the hospital.

UPMC said over the past 15 months, Beacon had been in discussion with Ulster and RBS banks to restructure the hospital's outstanding bank debt resulting from the building of the facility in 2006.

"A generous offer was made, but ultimately Ulster Bank/RBS elected to sell the Beacon Hospital debt to Irish businessman Denis O'Brien," UPMC said.

It said the new owner will not restructure the debt 'and clearly indicated his intention to own, control and manage Beacon Hospital'.

UPMC said without a restructuring being granted, it had to agree to the demands, and agreed to sell its ownership for a nominal value and relinquish management responsibilities at Beacon, ceasing all its affiliations with the facility.

Ownership will transfer to Mr O'Brien from next Monday, April 14.

The hospital employs around 600 people and has made losses in recent years.

UPMC has been associated with Beacon since 2008. It also owns a cancer centre in Waterford, which is unaffected by the takeover of the Sandyford hospital, which has 214 beds.

UPMC said it remained committed to providing 'world class, high quality healtcare in Ireland' and it would seek partners to share that vision.

Beacon Hospital is currrently ranked 16th by patients in irish health.com's Rate My Hospital league table of 69 private and public hospitals around the country.