Wesfarmers

All eight of the large buyout firms in the race to buy Coles Group, Australia’s second largest retailer, have now dropped out of the running. Trade buyer Wesfarmers is now expected to complete the $19 billion transaction, which will be the largest in the country to date, without private equity support.

All eight of the large buyout firms in the race to buy Coles Group, Australia’s second largest retailer, have now dropped out of the running. Trade buyer Wesfarmers is now expected to complete the $19 billion transaction, which will be the largest in the country to date, without private equity support.

Shares in Australian retailer Coles Group continued to climb as a A$20 billion bidding war between local rival Wesfarmers, a Kohlberg Kravis Roberts-led buyout consortium, and other international trade players looked increasingly likely.

A consortium that includes Pacific Equity Partners, Permira and Wesfarmers, a Sydney-listed conglomerate, has bid A$19.7 billion for Coles Group, Australia’s second-biggest retailer – although KKR could yet return with another bid.

A consortium that includes Pacific Equity Partners, Permira and Wesfarmers, a Sydney-listed conglomerate, has bid A$19.7 billion for Coles Group, Australia’s second-biggest retailer – although KKR could yet return with another bid.

Shares in Australian retailer Coles Group continued to climb as a A$20 billion bidding war between local rival Wesfarmers, a Kohlberg Kravis Roberts-led buyout consortium, and other international trade players looked increasingly likely.

Jonathan Chamberlain, managing director for private equity at Blackstone, has been appointed partner at the TPG Asia spin-out.

TPG, Carlyle and KKR are reportedly among the global private equity firms interested in Big W, the discount arm of Australian retailer Woolworths.

The strength of the Australian dollar is dictating where private equity firms are investing their capital.

Even for a firm accustomed to the vicissitudes of private equity, this has been a tumultuous week for Kohlberg Kravis Roberts – and for big buyout firms in general.

TPG, Carlyle and Blackstone have pulled out of the formal race for Coles, an Australia-listed retailing group, but their consortium has indicated an interest in discussing an alternative investment structure.

TPG, Carlyle and Blackstone have pulled out of the formal race for Coles, an Australia-listed retailing group, but their consortium has indicated an interest in discussing an alternative investment structure.

TPG, Carlyle and Blackstone have pulled out of the formal race for Coles, an Australia-listed retailing group, but their consortium has indicated an interest in discussing an alternative investment structure.

Kohlberg Kravis Roberts & Co has decided to follow CVC Asia Pacific and quit the consortium bidding for Coles Group after two weeks of due diligence on the Australian retail giant. Coles shares have consequently fallen below the A$17.00 mark for the first time since April.