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Brait to buy fashion retailer New Look for $3 billion - Sky News
May 14, 2015 / 11:33 PM / 2 years ago

Brait to buy fashion retailer New Look for $3 billion - Sky News

Women hold New Look shopping bags on Oxford Street in London, February 12, 2010.Suzanne Plunkett

(Reuters) - South African investment house Brait SE (BATJ.J) will on Friday announce a deal to buy British fashion retailer New Look [NEWOON.UL] for about 1.9 billion pounds ($3 billion), Sky News reported late on Thursday.

New Look, which also received a joint offer from Chinese buyout firm CDH and Clayton Dubilier & Rice, cancelled meetings scheduled for Friday with analysts ahead of a potential listing, Sky said. (bit.ly/1RL9z0E)

New Look's Chief Executive Anders Kristiansen told reporters in February that the retailer was ready for a stock market flotation, though that decision was up to the owners.

In April, Brait bought an 80 percent controlling stake in gym group VIrgin Active for $1 billion.

Brait and New look could not be reached for a comment outside regular business hours.

Reporting by Ismail Shakil in Bengaluru; Editing by Diane Craft

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