Australia Now 'The Land of Buyouts': KKR Adds Media Assets

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Seven Network Raises $2.5 Billion for Takeovers by Selling Stake to KKR [Bloomberg]

Summary: Kohlberg Kravis Roberts & Co [KKR] will pay US$2.5b (A$3.1b) to acquire half the assets of Australian media company Seven Network Limited, including its magazine unit and Channel Seven, the nation's second largest TV network. A Seven Network press release said the assets are valued at A$4b and include its online assets -- notably a JV with Yahoo!. Morgan Stanley, Mizuho, Goldman Sachs and Citigroup are underwriting the financing. US$6.7b in deals have been announced in the past five weeks since the Australian government began allowing foreign investors to take controlling stakes in Australian media. Overall, Australia has seen buyouts surge to US$27.3b this year, after only $1.4b last year, according to Bloomberg research.
Related links: Seven Network Ltd: KKR JV press release [pdf]. Media coverage: Financial Times. Commentary: Capturing Australia via ETF, ADR or CEF.
Potentially impacted stocks and ETFs: News Corp (NWS), Seven Network Limited (ASX: SEV) • ETF: PowerShares Listed Private Equity Portfolio (PSP)

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