May 14, 2015 / 11:33 PM / 3 years ago

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

(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. (

    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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below