Sydney private equity firm Anchorage Capital Partners’ dealmakers have got their hands on the Christmas present they wanted - a locked and loaded deal to buy the 184-year-old retailer David Jones.
Street Talk understands David Jones-owner Woolworths and Anchorage formally agreed to terms and exchanged contracts in Melbourne on Monday morning, after a six-month process run by Goldman Sachs and revealed by Street Talk.the family office of TPG Telecom’s founder billionaire David Teoh.
Funding sources said Commonwealth Bank of Australia had helped Anchorage bankroll the acquisition, and also introduced British restructuring specialist Hilco Capital, which has worked on big retail transactions including advising Gap on closing its 120 stores in Europe over 120 years.Sources said the signed deal was expected to deliver $500 million to $600 million to Woolworths’ investors, including capital returns and David Jones’ flagship store in Melbourne’s Bourke Street.
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