Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) are among a line-up of law firms advising on the UK government's sale of £11.8bn of buy-to-let mortgages, which belonged to failed lender Bradford & Bingley.

Together, insurance company Prudential and investment firm Blackstone will buy the portfolio of loans, which were acquired by the government when it nationalised Bradford & Bingley in 2008.

Slaughters is advising HM Treasury on the deal with a team led by City finance partner Guy O'Keefe and London corporate partner Craig Cleaver.

Cleary Gottlieb Steen & Hamilton is advising alongside Slaughters as special US counsel. The Cleary team is being led by London capital markets partner Pierre-Marie Boury.

It is understood CC is acting for Prudential with a team led by London structured debt partner Maggie Zhao alongside M&A partner Hilary Evenett, while A&O is advising Blackstone.

The A&O team advising Blackstone comprises London capital markets partner Angela Clist, London tax partner Charles Yorke and New York capital markets partner Justin Cooke.

Chancellor Philip Hammond said in a statement: "The sale of these Bradford & Bingley assets for £11.8bn marks another major milestone in our plan to get taxpayers' money back following the financial crisis."

Slaughters also advised the Treasury on the nationalisation of Bradford & Bingley in 2008, with its savings unit and branch network acquired by Santander.

Earlier that year, Cleary Gottlieb Steen & Hamilton and Linklaters advised private equity firm TPG on its acquisition of a stake in the struggling lender, with Bradford & Bingley turning to Herbert Smith.