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Borders Sells Off Australia

Borders has finalized the sale of its Australian, New Zealand and Singapore businesses in a transaction worth approximately $104M.

The purchaser, Pacific Equity Partners-owned book retailer A&R Whitcoulls Group Holdings, had to front up with $90M in cash and will also make deferred payments of $14M. In exchange they’ll add 30 bookstores to their portfolio.

Whitcoulls was formerly known as WH Smith Asia Pacific and its portfolio of book and related products companies includes Angus & Robertson, Whitcoulls, Calendar Club, Supanews and a Travel division.