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Commonwealth Bank Of Australia To Sell 55% Stake In Colonial First State To KKR

Commonwealth Bank of Australia (CBA.AX) said that it agreed to sell a 55% stake in
Colonial First State to KKR & Co. Inc. (KKR), a global investment firm.

The transaction implies a total valuation for Colonial First State or CFS on a 100% basis of A$3.3 billion, which will result in CBA receiving cash proceeds of about A$1.7 billion from KKR.

CBA expects to complete the deal in the first half of calendar year 2021.

CBA and KKR plan to undertake a significant investment program, strengthening the position of CFS as one of Australia's leading retail superannuation and investments businesses, CBA said in a statement.

KKR expects to make its investment in CFS primarily from its Asian private
equity fund.

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