By  on April 12, 2014

LONDON — Nanjing Cenbest, otherwise known as Nanjing Xinjiekou Deparment Store Co. Ltd., a Chinese department store chain and a subsidiary of the Chinese conglomerate Sanpower Group, said Saturday that it has signeda definitive agreement to acquire 89 percent of the U.K. department store group House of Fraser, in a deal that values House of Fraser at around 480 million pounds, or $804.3 million at current exchange.

The deal, announced in a joint statement from Nanjing and House of Fraser, comes after weeks of talks between the two firms.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus