Billionaire Green sells Topshop stake to U.S group
LONDON Dec 6 (Reuters) - British retail billionaire Philip Green on Thursday sold a 25 percent stake in Topshop and Topman to U.S. private equity firm Leonard Green and Partners in a deal that values the popular high street chain at 2 billion pounds ($3 billion).
Monaco-based Green said the deal would help the group expand the fashion chain globally and leaves both Topshop and Topman and the rest of his Arcadia Group with no bank debt and cash positive.
The stake would be ringfenced from Green's larger Arcadia Group, which includes high street names such as BHS, Burton and Miss Selfridge.
- Hong Kong police use pepper spray to disperse pro-democracy protesters |
- Putin calls for talks on east Ukraine 'statehood'; rebels fire on ship |
- Dozens arrested at Made in America music festival in Los Angeles
- Pakistani protesters push closer to PM house, force TV off the air |
- Israel claims West Bank land for possible settlement use, draws U.S. rebuke