Speculative reports have been circulating in the Australian press that the A$1.4bn (US$1.05bn) sale of department store Myer by Coles to Newbridge Capital is expected to be completed tomorrow.
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The Myer sale has been a complicated process, involving negotiations with 20 landlords concerning 60 sites.
Thus far, the sale has taken two-and-a-half-months since Coles Myer accepted the Newbridge bid. According to the Australian Associated Press, a source from within Newbridge has said that it is hoped the deal will be completed tomorrow morning.
Newbridge, a consortium of private equity firms and the Myer family, have told consumers not to expect any sudden changes. The department store will be headed-up by former new executive chairman, former Woolworths supermarket director, Bill Wavish.
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