LONDON China's Sanpower Group has agreed to buy an 89 percent stake in Britain's House of Fraser in a deal that values the department store at over 450 million pounds, including debt.
A source close to the deal, who did not want to be named, told Reuters on Friday the transaction with the Nanjing-based conglomerate founded by Chinese business tycoon Yuan Yafei was expected to be confirmed "imminently".
The 160-year-old House of Fraser, which trades from 61 stores in Britain and Ireland and has annual sales of about 1.2 billion pounds, had been running a dual track sale process - looking for potential buyers while also considering a possible initial public share offer.
Talks about a sale to French counterpart Galeries Lafayette ended in January.
House of Fraser declined to comment on the deal and Sanpower Group could not immediately be reached for comment.
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