CCG Selling Down Under Ops

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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.

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