CCG Selling Down Under Ops

Cordiant Communications Group has reached an agreement to sell a 70 percent stake in most of its Australian assets, including George Patterson Bates, for about $40 million, the British holding company said last week. 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. The Campaign Palace, a shop that operates independently of George Patterson Bates, is not included and will remain part of CCG. The holding company plans to sell its interest in Australian agency Marketforce to shop management.