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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.

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