EXCLUSIVE: Is Officeworks, K Mart & Target Up For Sale, New York Bankers Think So
Is Wesfarmers still thinking about selling Officeworks, K Mart and Target? according to New York based investors Wesfarmers still has a private up for sale sticker on the business.
The news comes as the Company is also looking to sell their pubs and liquor portfolio, with Kohlberg Kravis Roberts said to be in exclusive talks to buy the assets, which could fetch up to $2 billion.
At an investment conference held at the Intercontinental Barkley Hotel in New York last week two New York based investment bankers asked me my opinion of the Wesfarmers Officeworks and K Mart businesses claiming that they had heard that they could be “back on the market”.
Executives at Kohlberg Kravis Roberts who is said to be in exclusive talks to buy the Wesfarmers pubs and liquor assets which are worth up to $2 billion held talks with Wesfarmers 18 months ago regarding the sale of Officeworks.
The New York-based buyout firm now has an exclusive dealing period to assess buying the Coles hotel and retail liquor portfolio, sources say.
The move comes after former KKR Australian executive Ed Bostock recently left the global private equity giant to become Wesfarmers business development managing director.
KKR is thought to have recently run a ruler over the combined assets of department store chains Target and Kmart, along with stationery business Officeworks, which Wesfarmers initially put up for sale via an IPO.
At this stage Wesfarmers has not commented.
Last week Wesfarmers sold their loss-making UK based Homebase for a “nominal amount”, only two years after paying $705m for the operations, which have since racked up losses of more than $1.5bn.
Kmart Tyre and Auto is also expected to be sold shortly.