WH Smith has sold its retail business units in Australia, New Zealand and Hong Kong to Sydney-based Pacific Equity Partners for A$115m (£47m).

The deal for the ASPAC unit of WHS consists of its retail businesses in Australia (Angus & Robertson), New Zealand (Whitcoulls) and Hong Kong, but excludes its Singapore airport operations.

For the year ended August 2003 the ASPAC (excluding the Singapore
airport operation) had net assets of £28m.