Warehouse buys out financial services JV partner Westpac for $7.3 million

Wed, 30 Sep 2015

By Suze Metherell Sept. 30 (BusinessDesk) - Warehouse Group, New Zealand's largest listed retailer, has taken control of its financial services joint venture, buying out partner Westpac Banking Corp's stake for $7.3 million. The aquisition is the next step in the Auckland-based retailer's development of an in-house financial services business, and gives it control of a loan book of $57 million, which will be funded by a combination of equity proceeds from its 2014 capital raising and debt which it secured in partnership with Westpac, it...

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