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China's Sanpower to buy UK's House of Fraser - source
April 4, 2014 / 12:50 PM / 3 years ago

China's Sanpower to buy UK's House of Fraser - source

LONDON, April 4 (Reuters) - China’s Sanpower Group has agreed to buy an 89 percent stake in Britain’s House of Fraser in a deal that values the department store at over 450 million pounds ($746 million), including debt.

A source close to the deal, who did not want to be named, told Reuters on Friday the transaction with the Nanjing-based conglomerate founded by Chinese business tycoon Yuan Yafei was expected to be confirmed “imminently”.

The 160-year-old House of Fraser, which trades from 61 stores in Britain and Ireland and has annual sales of about 1.2 billion pounds, had been running a dual track sale process - looking for potential buyers while also considering a possible initial public share offer.

Talks about a sale to French counterpart Galeries Lafayette ended in January.

House of Fraser declined to comment on the deal and Sanpower Group could not immediately be reached for comment.

$1 = 0.6029 British Pounds Reporting by Neil Maidment; editing by James Davey

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