Goldman Sachs starts acquisition process in Australasia

The formal process has started through which New York-based Goldman Sachs Group will acquire the 55% it does not already own of Goldman Sachs & Partners Australia Group Holdings (GS&P).

Global investment banking, securities and investment management firm Goldman Sachs now owns 45% of GS&P, with the rest owned by current and former GS&P management and employee shareholders.

In a statement today, the two organisations did not disclose terms of the proposed acquisition, which requires a 75% minimum acceptance by shareholders and will be subject to regulatory approvals.

The investment would facilitate the full integration into Goldman Sachs of the Australian and New Zealand businesses which had operated as a joint venture since 2003, the statement said.

Goldman Sachs chairman and chief executive Lloyd C Blankfein said Australia and New Zealand were an important part of his company's growth strategy.

GS&P co-chief executive Simon Rothery said the move to full ownership by Goldman Sachs was a natural progression for the business.

GS&P provides corporate financial advisory and investment management services.

NZPA

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