September 19, 2017 / 10:28 PM / a year ago

Australia's Seven Group to buy remaining stake in Coates Hire from Carlyle

Sept 20 (Reuters) - Australian diversified investment company Seven Group Holdings on Wednesday said it would buy the stake it does not already own in earth-moving equipment provider Coates Hire from Carlyle Group and minority owners for A$513 million ($410.66 million).

The company said in a statement that it plans to acquire the 53.3 percent stake it does not own from an affiliate of Carlyle Asia Partners II, a fund managed by private equity firm The Carlyle Group.

Seven said the acquisition would increase its fiscal 2017 underlying earnings per share by 15 percent and increase pro-forma core pre-tax profit to A$415 million from A$297 million. ($1 = 1.2492 Australian dollars) (Reporting by Hanna Paul in Bengaluru; editing by Byron Kaye and G Crosse)

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