James Packer Sells Family’s Long Term Investment
The Packer family's 26-year involvement in Australia's cattle industry has ended with the finalisation of the sale of its stake in Consolidated Pastoral Company (CPC).
The pastoral division of Consolidated Press Holdings, CPC was formed in 1983 by Kerry Packer with the purchase of a cattle station in the Northern Territory. His son, James Packer, now controls the company.
It has since grown to 17 properties in Western Australia, NT, Queensland and New South Wales, totalling five million hectares in size and over 300,000 cattle.
It was announced in March that Consolidated Press Holdings had sold its 90% stake in CPC to English private equity firm Terra Firma.
The remaining 10% stake in CPC is held by its chief executive, Ken Warriner.
The sale received regulatory approval and was recently finalised.
While the sale figure is undisclosed, it has been reported Terra Firma paid over $400 million for the company.
''I am pleased to welcome Terra Firma on board,'' Mr Warriner said.
''They have an excellent track record of investing in businesses for the long-term and are committed to the continued success of CPC.''
Terra Firma said in a statement in March it was excited to be involved in such a vital industry for Australia.
