West Australian Newspapers Pays $4.1B for Seven Media

West Australian Newspapers will buy Seven Media Group in a deal worth $4.1 billion, Reuters reported. Seven Media is owned by private equity firm Kohlberg Kravis Roberts and Kerry Stokes’ Seven Group, Reuters said. West Australian Newspapers will raise roughly $650 million to help fund the deal. JPMorgan and UBS are advising on the deal.

(Reuters) – West Australian Newspapers has agreed to buy Seven Media Group in a deal worth A$4.1 billion, a source familiar with the transaction said on Monday.

West Australian Newspapers will raise around A$650 million to help pay for the acquisition.

WAN announced earlier that it had agreed to buy Seven Media Group from private equity firm Kohlberg Kravis Roberts and Kerry Stokes’ Seven Group, but has not yet unveiled details of the transaction.

The Age newspaper reported the deal was worth A$4.1 billion and would involve a capital raising of around A$650 million, while the Australian Financial Review had said the capital raising would be around A$1 billion.

JPMorgan and UBS are advising on the deal. (Reporting by Sonali Paul; Editing by Balazs Koranyi)