Sign in
PIF ups stake in Selfridges: The Public Investment Fund (PIF) inked a binding agreement to acquire an additional 30% stake in Selfridges Group, bringing its total ownership in the UK department store chain to 40%, Bloomberg reports, citing an emailed statement from the chain’s current majority shareholder Central Group. The fund already owns a 10% stake in Selfridges. No information was disclosed on the value of the transaction.
The details: The additional 30% stake will be acquired from now-insolvent Signa Group. The agreement will see PIF hold a 40% minority stake in both the property and operating arms of the business, while Thai retail conglomerate Central Group will retain the remaining 60%.
Background: Austrian-based Signa Group previously held a 50% stake in Selfridges, but is now going through insolvency proceedings. The fund had reportedly offered up to GBP 1 mn for an additional 40% stake in Selfridges from Signa in July, and was conducting due diligence on the potential transaction, following talks with Central Group.
About Selfridges: Selfridges Group is a collection of high-end department stores, known for offering luxury fashion, beauty, lifestyle, and home products across multiple locations in the UK and Europe. The group includes Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
