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.
