Commonwealth Bank of Australia (CBA.AX) said on Wednesday it will sell a 55% stake in unit Colonial First State to private equity firm KKR (KKR.N) for A$1.7 billion ($1.10 billion), in line with plans to focus on its core banking operations.
Australia’s largest bank and KKR also plan to undertake an investment programme. CBA said the deal would allow Colonial First State to become a more focused standalone business.
The deal is expected to be completed by the first half of calendar year 2021.
Source: Reuters
Can’t stop reading? Read more
Ontario Teachers’ Pension Plan shifts private equity strategy toward partnerships
Ontario Teachers’ Pension Plan shifts private equity strategy toward partnerships The Ontario...
Greenstone takes full ownership of format office building in Gdańsk
Greenstone takes full ownership of format office building in Gdańsk Private equity firm Greenstone...
Private equity firms shift capital from Paris as market uncertainty grows
Private equity firms shift capital from Paris as market uncertainty grows Private equity firms are...