US Carlyle Group exits Australian mining services play Coates Hire
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New York
US private equity firm Carlyle Group is quitting its decade-long mining services play in Australia through the A$517 million (S$559.8 million) sale of its controlling stake in the highly-leveraged earth-moving equipment provider Coates Hire.
Australian media billionaire Kerry Stokes's Seven Group Holdings said it would buy the 53.3 per cent stake it did not already own in Coates from the US investment firm, sending Seven shares up as much as 10 per cent in a slightly lower overall market.
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