KKR sells stake in Seven West Media while Network Seven names Tim Worner the new CEO
The Wall Street Journal’s Market Watch reported that Kohlberg Kravis Roberts & Co (KKR & Co.) has sold its remaining 12% stake in Seven West Media Ltd. for around 260 million Australian dollars (US$255 million), dealing another blow to the country’s struggling free-to-air television broadcasters. This marks U.S. private equity giant’s end of the seven-year relationship with the Australian broadcaster.
The report adds that the shares were sold to a number of institutional investors, a person familiar with the matter said. Deutsche Bank (DB) and Goldman Sachs (GS) managed and underwrote the transaction. New York-based KKR plowed around A$4 billion into the Perth-based Seven West in November 2006, but sold most of its holding in 2011 when the company merged with the publisher of the West Australian newspaper.
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