Buyout Firms Said to Approach Woolworths on $1 Billion Big W

Blackstone Group LP, KKR & Co. and TPG Capital have made preliminary approaches to Australian retailer Woolworths Ltd. to express interest in its Big W discount store chain, people with knowledge of the matter said.

The buyout firms have held early talks with Woolworths, as the retailer reviews its operations after its chief executive officer announced retirement plans in June, according to the people. The Big W chain could be valued at about A$1.5 billion ($1.1 billion), one of the people said, asking not to be identified as the information is private.