🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

BRIEF-Westpac Banking Corp Announces Sale Of Pacific Businesses

Published 07/12/2020, 12:45 pm
Updated 07/12/2020, 12:48 pm
© Reuters.
WBC
-

Dec 7 (Reuters) - Westpac Banking Corp WBC.AX :

* WESTPAC SELLS PACIFIC BUSINESSES-WBC.AX

* SALE PRICE IS MADE UP OF $315 MILLION

* DEAL FOR UP TO $420 MILLION.

* SEES ACCOUNTING LOSS ON SALE OF ABOUT $230 MILLION

* SALE PRICE IS MADE UP OF $315 MILLION PAYABLE AT COMPLETION & $60 MILLION TO BE PAID SIX-MONTHLY OVER FOLLOWING 18 MONTHS FOR WESTPAC PNG

* COMPLETION IS EXPECTED TO OCCUR IN SECOND HALF OF FY2021

* ANNOUNCES SALE OF PACIFIC BUSINESSES TO KINA SECURITIES

* SALE WILL ADD ABOUT 3 BPS TO WESTPAC'S COMMON EQUITY TIER 1 CAPITAL RATIO

* SALE PRICE ALSO INCLUDES EARN-OUT PAYMENTS OF UP TO $45 MILLION, SCHEDULED TO OCCUR ANNUALLY OVER 24 MONTHS POST COMPLETION

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.