KKR Sells Pub Operator Australian Venue to PAG (1)

KKR & Co. has agreed to sell Australian Venue Co., the owner and operator of more than 200 pubs and bars Down Under, to PAG.

The Asian buyout firm will acquire KKR’s controlling stake in the food and beverage business, according to a KKR statement. Financial terms of the deal were not disclosed. Bloomberg News reported the sides were nearing a deal worth about A$1.4 billion ($898 million). Australian Venue’s management was set to stay on to run the business as part of the transaction, people familiar with the matter have said.

“We are grateful for KKR’s ...