China's Sanpower seals deal for House of Fraser

LONDON Sun Apr 13, 2014 10:44am EDT

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LONDON (Reuters) - The Shanghai-listed retail arm of Sanpower Group sealed a deal to buy 89 percent of the owner of British department store House of Fraser for 480 million pounds ($803 million).

Nanjing Xinjiekou Department Store (600682.SS) said on Saturday that it expected the acquisition to close in four months, subject to customary closing conditions.

The company earlier this month confirmed it was in discussions to buy the stake.

($1 = 0.5980 British Pounds)

(Reporting by Martinne Geller in London; editing by Keiron Henderson)

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