By  on December 9, 2010

PARIS — French retail-to-luxury group PPR said it has entered into exclusive negotiations with South Africa’s Steinhoff International Holding Ltd. for the sale of furniture chain Conforama for 1.2 billion euros, or $1.58 billion at current exchange.

Under the terms of the deal, Steinhoff would also take over Conforama’s debt to PPR, an undisclosed sum.

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