M&A Deal Summary

KKR Acquires Colonial First State

On May 12, 2020, private equity firm KKR acquired financial services company Colonial First State from Commonwealth Bank

Acquisition Highlights
  • This is KKR’s 18th transaction in the Financial Services sector.
  • This is KKR’s 11th transaction in Australia.

M&A Deal Summary

Date 2020-05-12
Target Colonial First State
Sector Financial Services
Buyer(s) KKR
Sellers(s) Commonwealth Bank
Deal Type Divestiture

Target

Colonial First State

Sydney, Australia
Colonial First State is a provider of superannuation, investment, and retirement products to individuals and corporate and superannuation fund investors, as well as being the operator and administrator of investment platforms. Colonial First State was formed in 1988 and is based in Sydney, Australia.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 344 of 499
Sector: Financial Services M&A 18 of 22
Type: Divestiture M&A Deals 40 of 54
Country: Australia M&A 11 of 15
Year: 2020 M&A 15 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-12 Slice

New York, New York, United States

Slice transforms independent pizzerias with the specialized technology, data insights, and shared services they need, all at a low fixed cost per order, to serve today’s digital-minded customers. This united network of pizzerias enables these small businesses to thrive against major corporate chains and form the nation’s largest marketplace for authentic pizza. Slice is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-27 GTR

London, United States

GTR is a newly established build-to-suit and roll-up acquisition data center platform. The company’s main focus will be on the design and construction of tailored and sustainable data centers for global hyperscalers looking to develop facilities primarily in key European markets. GTR’s management team comprises seasoned professionals with extensive technical real estate experience and a proven track record in the data center sector. GTR was founded in 2020 and is based in London, United Kingdom.

Buy -

Seller(S) 1

SELLER

Commonwealth Bank

Sydney, Australia

Category Company
Founded 1911
Sector Financial Services
Employees48,560
Revenue 28.7B AUD (2025)
DESCRIPTION

Commonwealth Bank is a provider of integrated financial services. Commonwealth Bank was founded in 1911 and is based in Sydney, Australia.


DEAL STATS #
Overall 1 of 1
Sector: Financial Services M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
Country: Australia M&A 1 of 1
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-31 AHL Investments Pty

Sydney, Australia

AHL Investments Pty Ltd is a provider of mortgage brokerage services in Australia.

Buy -