SYDNEY — David Jones is back in Australian hands — at a bargain price.
On Monday, South Africa-based Woolworths Holdings Ltd. revealed it had sold its entire shareholding within the 184-year-old Australian department store chain to Sydney-based private equity firm Anchorage Capital Partners for an undisclosed sum, with the ultimate transaction expected to be accomplished by March. Widespread reporting has put the deal at around 100 million Australian dollars, or $67 million at current exchange, which is a mere fraction of the $2.2 billion [$2 billion at 2014 exchange] price Woolworths paid for the retailer in August 2014.
The deal doesn't include David Jones’ Bourke Street, Melbourne, flagship, which is valued at 250 million Australian dollars, or $168 million, on which David...
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