Borders to sell Australia, New Zealand business for $104M USA (wgvu) - DETROIT (AP) - Borders Group Inc. plans to sell its businesses
in Australia, New Zealand and Singapore to fellow book retailer A&R
Whitcoulls and private equity firm Pacific Equity Partners for
about $104 million.
Borders says Thursday the deal is expected to close next week.
The Ann Arbor-based company announced in March 2007 that it was
exploring a possible sale of those businesses, which include 30
Borders superstores. Since then, Borders has been considering
whether to sell off the entire company.
Borders says it will get about $90 million for the businesses in
Australia, New Zealand and Singapore, plus deferred payments of up
to about $14 million next year if performance targets are met.
A&R Whitcoulls will have the right to use the Borders brand in
Australia, New Zealand and Singapore.
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