The National Fostering Agency Group (NFA) bought Acorn Care Education Group in August last year creating a single organisation worth an estimated £400m.
However, in February the Competition and Markets Authority (CMA) announced it would be conducting an investigation of the merger because of concerns that the coming together of the two foster placement service providers would give them a monopoly in some areas.
The NFA had previously said it was prepared to drop some elements of the merger, and has now lined up three buyers for the business in three areas where there are concerns it could have a monopoly - Wales, Luton and Norfolk.
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