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NEW YORK Troubled Cordiant Communications Group has reached an agreement to sell a 70 percent stake in most of its Australian operations, including George Patterson Bates, for about $40 million, the British holding company said.
The deal, subject to shareholder approval, calls for private equity firm Pacific Equity Partners to take a 55 percent stake and the management of the Australian
operations to take a 15 percent holding. CCG will retain 30 percent ownership.
The transaction represents the first sale in a non-core disposal program CCG instituted earlier this year.
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