By  on April 8, 2014

LONDON — Nanjing Xinjiekou Department Store Co. Ltd., a publicly listed subsidiary of China’s Sanpower Group, issued a statement to the Shanghai Stock Exchange Tuesday morning confirming reports that the firm has completed talks to buy 89 percent of the U.K. department store chain House of Fraser, and is preparing to sign the deal. The agreement is set to be finalized later this week.

The firm also said that it plans to set up a unit in the U.K. to complete the acquisition, which will be paid in cash with its own capital and debt. Nanjing Xinjiekou, a Chinese department store group that carries general merchandise, said its board had approved the stake purchase plan. Sanpower Group, Nanjing Xinjiekou’s main shareholder, is a 5.5 billion pound, or $9.14 billion, Nanjing, China-based conglomerate with a portfolio that spans IT, finance, media, real estate, retail and e-commerce.

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