December 6, 2012 / 9:05 AM / 5 years ago

Billionaire Green sells Topshop stake to U.S. group

LONDON (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.

($1 = 0.6214 British pounds)

Reporting by Neil Maidment; editing by Kate Holton

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