CBA sells 55% of CFS to KKR
The Commonwealth Bank has announced it is selling a 55% stake in Colonial First State (CFS) to investment house, KKR.Â
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.Â
The announcement said that the transaction was consistent with the bankâs strategy of focusing on its core business.Â
It said that together, CBA and KKR intended to undertake a significant investment program strengthening CFSâs position as a leading superannuation and investment business.Â
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