Sanpower will pay £155m to take control of House of Fraser, the Chinese conglomerate said as it prepares to take the 164-year-old UK department store into Asia.
According to a statement from Nanjing Xinjiekou Department Store, a Sanpower subsidiary, to the Shanghai Stock Exchange, an agreement had been signed for the purchase of 89 per cent of privately owned House of Fraser.
The deal, which implies an enterprise value of about £480m, is expected to be completed in four months. Sanpower was founded by 49-year-old entrepreneur Yuan Yafei, a former local government official in Nanjing.
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