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BRIEF-Coles Group Enters Incorporated JV With Australian Venue Co

Published 05/03/2019, 08:42 am
Updated 05/03/2019, 08:50 am
© Reuters.  BRIEF-Coles Group Enters Incorporated JV With Australian Venue Co
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March 5 (Reuters) - Coles Group Ltd COL.AX :

* ENTER INTO INCORPORATED JOINT VENTURE IN RESPECT OF COLES' HOTELS AND QUEENSLAND RETAIL LIQUOR BUSINESS

* WILL RECEIVE CASH CONSIDERATION OF APPROXIMATELY $200 MILLION AT COMPLETION

* ESTABLISHMENT OF QUEENSLAND VENUE CO, JV COMPANY IN WHICH COLES AND AVC WILL OWN AN EQUAL NUMBER OF SHARES

* UNDER JV, AVC WILL MANAGE DAY-TO-DAY OPERATIONS OF SPIRIT HOTELS AND WILL RECEIVE ECONOMIC BENEFIT OF THIS BUSINESS

* ON COMPLETION, COLES TO RECEIVE PROCEEDS OF ABOUT $200 MILLION WHICH IS EXPECTED TO RESULT IN ASSOCIATED BOOK LOSS ON SALE OF ABOUT $20 MILLION

* ENTERED INCORPORATED JOINT VENTURE WITH AUSTRALIAN VENUE CO IN RELATION TO COLES' HOTELS BUSINESS, SPIRIT HOTELS

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