(Bloomberg) -- KKR & Co. is nearing a deal to sell pub operator Australian Venue Co. to private equity firm PAG for about A$1.4 billion ($906 million), according to a person familiar with the matter.
Discussions are in the final stages and an announcement could come as soon as in the coming days, said the person, who asked not to be identified as the information is private. The management of Australian Venue will stay on to run the business, the person said.
Talks could still be delayed or fall apart, according to the person. The Australian Financial Review reported earlier Thursday that PAG will acquire the pub operator from KKR. Representatives for KKR and PAG declined to comment, while a representative for Australian Venue Co. referred to KKR when Bloomberg News reached out for comment.
Australian Venue owns and operates pubs, bars and event spaces in Australia, according to its website. It has more than 200 locations across the country. The company shelved its planned initial public offering in Sydney in May 2021 over concerns that the coronavirus pandemic could cloud its business outlook, Bloomberg News reported at the time. The share sale could have raised A$352 million.
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