Borders has said that it expects to soon complete the sale of its Australasian operations to Angus & Robertson (A&R Whitcoulls) after more than a year of talks with the owner of Angus & Robertson, Australia’s oldest bookstore chain.
A&R Whitcoulls is owned by Pacific Equity Partners, the Australasian private equity firm whose stable includes cinema chain Hoyts Group, industrial services as well as Sizzler and KFC franchises in Australia.
Borders will receive about $95 million immediately for the assets and could get up to $15 million more depending on whether it meets performance targets.
The purchase brings A&R Whitcoulls’ 30 Borders bookstores in Australia, New Zealand and Singapore and also exclusive rights to use the Borders trademark in those three countries.
Continue reading the rest of this article from the Herald-Sun on 7 June, 2008.
