By  on September 2, 2014

LONDON — Nanjing Cenbest, also known as Nanjing Xinjiekou Department Store Co. Ltd., a subsidiary of the Chinese conglomerate Sanpower Group, said Tuesday that it has completed its acquisition of 89 percent of the U.K. department store group House of Fraser, at an enterprise value of around 480 million pounds, or $797 million, comprising the firm's equity and debt. The deal was originally revealed in April.

House of Fraser's executive chairman Don McCarthy, who said in April that he would stand down from the role when the acquisition was completed, said that his move was also effective Tuesday. McCarthy commented that the completion of the deal “will move House of Fraser to the next stage of its development as a leading international, multi-channel retail group with a premium fashion offering.”

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