Goldman Sachs confirms local buy out
Deal could be worth $A1.2 billion for trans-Tasman partners
Global investment bank Goldman Sachs has confirmed it is buying the remaining 55% of its Australian and New Zealand joint venture that it does not already own.
Goldman Sachs said in a statement it had commenced a formal process to take its stake in Goldman Sachs & Partners Australia Group Holdings to 100%.
The bank's Australian and New Zealand business has operated as a joint venture since 2003.
The proposed transaction terms have not disclosed, but local partners are expected to vote in favour.
Goldman Sachs & Partners has about 130 partners including eight in New Zealand.
Australian media reports suggest the deal values Goldman Sachs & Partners at between $A800 million and $A1.2 billion.
“Australia and New Zealand represent an important part of our growth strategy,” said Lloyd Blankfein, chairman and chief executive of Goldman Sachs. “This investment underscores our desire to continue to strengthen our Australasian client franchise,” he added.
Goldman Sachs & Partners co-chief executive Stephen Fitzgerald said: “Full integration of the resources and strengths of Goldman Sachs and GS&P will further enhance the capabilities we bring to our clients and provide additional opportunities for our people."
NBR staff
Thu, 07 Apr 2011
Thu, 07 Apr 2011
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Goldman Sachs confirms local buy out
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