July 9 Private equity firm Endless LLP is on the
verge of sealing a deal to buy Wm Morrison Supermarkets'
online baby goods retailer, Sky News reported on Wednesday,
Although a formal agreement had not been reached, the
UK-based specialist investor had almost succeeded in trumping a
rival bid from Better Capital LLP to buy Morrisons' Kiddicare,
Sky quoted people close the situation at saying.
Endless and Morrisons could announce a deal as soon as
Friday, sources told Sky.(bit.ly/1sybRCg)
Neither company could immediately be reached for comment
outside regular business hours in the UK. A spokesman for Better
Capital declined to comment.
Britain's fourth-biggest grocer bought Kiddicare in 2012 for
70 million pounds ($119 million) as it took its first steps
toward building a business selling non-food goods over the
Morrisons said it would sever the arm, along with its stake
in U.S. online grocer Fresh Direct, as it looks to raise cash to
fund price cuts over three years to win back customers.
The deal could include the sale of all 10 stores under the
Kiddicare brand or may involve the closure of some sites before
the papers get drawn up, Sky quoted "insiders" as saying.
Sources told Sky the grocer may have to pay a "substantial
dowry" to the successful bidder.
($1 = 0.5877 British Pounds)
(Reporting by Esha Vaish in Bangalore; editing by Gunna