Coles Myer today (2 June) announced that the sale of the Myer department store business to Newbridge Capital and the Myer family for A$1.4bn (US$1.04bn) has been completed.

Coles Myer CEO John Fletcher said Newbridge would assume control of Myer immediately. The convoluted sale process had been underway since 13 March and the change of ownership has been organised to minimise impact on consumers.

Although the sale is now complete, Coles Myer said that it would continue to provide human resources, supply chain, marketing, IT and finance administration support in the interim. Myer will gradually take on these services, reaching independence within the next 24-months.

“The transition arrangements have been carefully designed to ensure business continuity for Myer and to ensure the sale process is seamless for customers,” Fletcher said

Detailed financials associated with the transaction will be released with the company’s annual accounts, Coles Myer said. Current indications are that the group’s profit on the sale after the impact of non-cash A-IFRS and tax has been deducted will be in the region of A$600m.