Luv him or loath him he's achieved alot givin his disability and...

Luv him or loath him he's achieved alot givin his disability and up bringing.

Says alot about the quality of the person and that this really is the lucky country if your willing to roll up your sleeves and get in and work damn hard.

At 69,retirement might'n be to far off and this deal might be more about looking after himself and his health now & into the future anad less about $$$ and also positioning his personal wealth holdings for a quick and easy transistion

Thank rob(bloomberg)

Billionaire Stokes Tightens Seven Grip With WesTrac (Update1)

By Robert Fenner

Feb. 22 (Bloomberg) -- Seven Network Ltd. agreed to acquire WesTrac Holdings for A$1 billion ($900 million) in stock as billionaire Kerry Stokes combines his listed media assets with closely held mining-services interests in Australia and China.

The new entity, Seven Group Holdings Ltd., will be 68 percent owned by Stokes, after 115 million new shares are issued to his Australian Capital Equity Pty, the Sydney-based company said in a statement today. Based on an implied price of A$8.70 a share, the deal values WestTrac at A$1 billion and Seven will also assume about A$1 billion of debt.

The deal transforms Seven from a company with less than A$100 million in revenue to an operating business with sales of A$2.8 billion, three years after Stokes sold control of his media assets to a venture with buyout firm KKR & Co. It adds Caterpillar Inc. dealerships in two Australian states and northeast China to minority stakes in Australias most watched television network, the second-largest magazine publisher, as well as newspaper and pay-television assets.

Stokes wants to steadily build market awareness and familiarity with the WesTrac business while both the media and WesTrac businesses are in the midst of an ongoing cyclical upswing, Angus Gluskie, who oversees $300 million at White Funds Management Pty in Sydney, said in an e-mailed comment. The strategy may deliver good value to both Stokes and Seven shareholders, while also creating avenues to obtain funding for acquired growth opportunities.

Property, Resources, Media

Seven fell 3.4 percent to A$7.11 at 2:01 p.m. in Sydney. The shares have gained 2.9 percent this year after losing 2.7 percent in 2009.

WesTrac is being advised by Goldman Sachs JBWere Pty. JPMorgan Chase & Co. is advising Seven.

Stokes, 69, is Australias ninth-richest person, with a fortune of $1 billion, according to Forbes magazine. After being adopted at three years of age, struggling with dyslexia and sleeping on the streets at 15, he began building his wealth with property investments, he told STM magazine in a 2008 interview.

In 2006, he raised A$3.2 billion by selling about half his media assets to the venture with New York-based buyout firm KKR, taking advantage of changes to Australian ownership laws.

Consolidated Media Stake

Since then Seven has added minority stakes in Consolidated Media Holdings Ltd., which owns 25 percent of Australias largest pay television company, and West Australian Newspapers Holdings Ltd., publisher of Perths sole daily.

The Seven directors have conducted a comprehensive review of potential media and telecommunications segment transaction opportunities for Seven and have concluded that the value-enhancing opportunities are limited, the company said in a statement. The merger provides access to assets that underpin a long-term growth profile via exposure to Australian resources and the Chinese economy.

Existing Seven Network investors will receive one share in Seven Group for each share they already own. Seven shareholders will vote on the transaction at a meeting expected to be held in mid-April, the company said.

The enterprise value price for WesTrac implies a multiple of 7.8 times estimated 2011 earnings before interest, tax, depreciation and amortization, according to the statement.