KKR & Co. has agreed to sell Australian Venue Co., the owner and operator of more than 200 pubs and bars Down Under, to PAG.

The Asian buyout firm will acquire KKR’s controlling stake in the food and beverage business, according to a KKR statement. Financial terms of the deal were not disclosed. Bloomberg News reported the sides were nearing a deal worth about A$1.4 billion ($898 million). Australian Venue’s management was set to stay on to run the business as part of the transaction, people familiar with the matter have said.

“We are grateful for KKR’s strong support in scaling the business over the years, growing our employee base from 780 to 8,500 people, and creating jobs through growth and investment in our venues,” Australian Venue Chief Executive Officer Paul Waterson said in the statement.

The transaction is expected to close late in 2023, subject to conditions including regulatory approval, the statement showed. Jefferies Financial Group Inc. was KKR’s financial adviser, while Bank of America Corp. advised PAG.

Australian Venue owns and operates pubs, bars and event spaces in Australia, according to its website. It has more than 200 locations across the country. The company shelved its planned initial public offering in Sydney in May 2021 over concerns that the coronavirus pandemic could cloud its business outlook, Bloomberg News reported at the time. The share sale could have raised A$352 million.

(Updates throughout with deal confirmation.)