Sydney, Australia, 18 June 2008 – Baker & McKenzie has advised Borders Group Inc with respect to the sale of Borders' Australia, New Zealand and Singapore businesses to A&R Whitcoulls (ARW). The businesses comprise 30 superstores across Australia, New Zealand and Singapore. ARW is a leading Australasian retailer of books and related products and is owned by private equity firm Pacific Equity Partners (PEP).

The transaction, which closed Tuesday 10 June 2008, is valued at a total of A$110 million – A$95 million on close of the transaction and additional deferred payments of up to A$15 million payable on or about 31 March 2009 if certain targets are achieved.

Partner Steven Glanz, together with senior associate Maria Pawelek, led Baker & McKenzie's team. Commenting on the transaction, Steven Glanz said: "We were delighted to act for Borders Group, a long-standing client of the Firm, in this transaction. This follows on from the work we have done recently in assisting Borders in the sale of its UK business. The transaction with PEP reflects the strong growth of Borders' operations and brand value in Australasia and Asia."

Baker & McKenzie worked with Borders Group Inc on an extensive strategic review and trade sale process of its businesses in Australasia and Singapore. The process has involved addressing the Australian Competition and Consumer Commission's concerns around any potential anti-competitive effect of a sale and advising on the complexities around combining the Borders businesses with that of third parties.