Galeries Lafayette sells credit unit stake to BNP Paribas
PARIS (Reuters) - French department store Galeries Lafayette said on Monday it had sold its 50 percent holding in LaSer, a consumer credit company, to the personal finance unit of BNP Paribas, with which it co-owned the unit.
A source close to the deal said the two parties had been discussing the sale of LaSer for two years and finally agreed on a valuation for the whole company of around 280 million euros ($376.4 million).
Galeries Lafayette and BNP Paribas declined to give any details of the deal.($1 = 0.7440 Euros)
(Reporting by Pascale Denis; Editing by David Holmes)