Packer set to sell family cattle stations for A$425million

30 December 2008

James Packer, son of late cricket promoter Kerry Packer, is in the process disposing Consolidated Pastoral Company, Australia's second biggest cattle producer to a London based private equity company Terro Firma for a sum reported A$425 million(£200 million), according to a report in the Financial Review in Sydney.

Packer plans to divest his 90-per cent stake in Consolidated Pastoral Company (CPC), which controls 17 cattle stations across the Northern Territory, Queensland, NSW and Western Australia.

The remaining 10 per cent will will be retained by Ken Warriner, the chairman of CPC and a long time friend of Kerry Packer, who will also continue as managing director and chairman of the company.

The Consolidated Pastoral Company was formed after acquiring Newcastle Waters Station in the Northern Territory in 1983. New cattle stations were added and today CPC owns around 5 million hectares of land and manages 300,000 head of cattle.

Packer has sold off many of his fathers assets. If this deal  goes through, it will be the second major sell off by Packer after the sale of the media empire built up by three generations of his family including Nine television network and ACP magazine business.

Packer separated his late father Kerry Packer's media business from gaming to focus on building up the gambling operations.