CBA sells 55% of CFS to KKR

13 May 2020

The Commonwealth Bank has announced it is selling a 55% stake in Colonial First State (CFS) to investment house, KKR. 

The CBA announced to the Australian Securities Exchange (ASX) today that the transaction implied a total valuation for CFS of $3.3 billion which would result in the bank receiving cash proceeds of around $1.7 billion. 

The announcement said that the transaction was consistent with the bank’s strategy of focusing on its core business. 

It said that together, CBA and KKR intended to undertake a significant investment program strengthening CFS’s position as a leading superannuation and investment business. 




Author

Comments

Comments

This is unbelievable. I wonder how much of "Australia " is owned by foreigners, foreign Investors & foreign countries.

Under 10% of everything (inc property, shares & agriculture) in Oz is owned by overseas investors.
USA is the top investor, China is 9th on the list according to DFAT.
By the way, we now own a big chunk of investments overseas - thanks to the growth of superannuation.

KKR has a reputation for slashing and burning, not undertaking a "significant investment program".

They would do well to announce some specific plans quickly, otherwise advisers and clients will be heading for the doors.

So 55% owned by KKR and the other 45% still owned by the KKK, oops I mean CBA.

Add new comment