ICELAND: Baugur On Track To Buy Jane Norman
Icelandic retail investor Baugur is set to buy ladies' fashion retailer Jane Norman for more than GBP100 million in a deal backed by Icelandic bank Kaupthing.
Baugur is expected to acquire a 30 per cent - 40 per cent equity stake in the chain, with Kaupthing financing debt and equity for the transaction.
The deal is anticipated to be finalised during the next few weeks.
1952-established Jane Norman operates a chain of nearly 100 outlets in the form of standalone stores and concessions.Current owner Graphite Capital bought the retailer in 2003 for GBP70m.
Baugur has been prevented from making large-scale acquisitions lately due to a fraud case involving Baugur's chief executive Jon Johannesson as well as five other executives.
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