Chinese group acquires Britain's House of Fraser
Published on Apr 13, 2014 5:39 PM
LONDON (AFP) - Chinese conglomerate Sanpower has agreed to buy a majority stake in British department store House of Fraser in a deal worth £480 million (S$1 billion), according to a joint statement.
Sanpower, a Nanjing-based conglomerate listed on the Shanghai Stock Exchange, will acquire an 89 percent stake in the 165-year-old British brand through its Nanjing Cenbest subsidiary.
Sanpower's founder and chairman, Yuan Yafei, said the deal was the largest overseas acquisition in the retail sector by a Chinese business, and a "landmark transaction".
He expressed his intention to expand House of Fraser overseas, particularly in China. The group currently has 60 stores across Britain and Ireland and one in Abu Dhabi.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!