(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