Frasers Group, which owns the House of Fraser, Flannels and Sports Direct brand, has offered to buy MySale at 2 pence per share.
Frasers Group says its plan to buy MySale will allow it to increase its presence in Australia and New Zealand faster than it would via organic growth as it embarks on a bid to grow its business outside the UK and further international expansion through acquisitions, joint ventures, and organic openings.
Launched in Australia in 2007, MySale describes itself as an online off-price, retail platform offering a large, curated selection of branded fashion, beauty and homewares products through three core websites and associated mobile applications, including OZSALE.com.au, NZSALE.co.nz and SINGSALE.com.sg
Frasers also said the deal would allow it to clear end-of-line products via MySale’s established clearance channel.
The UK group became the biggest shareholder in June when it took a 28.7% stake in the business.
The offer values the share capital of MySale not currently held by Frasers Group at approximately GBP13.6m (US$16.4m).
Frasers has been on an aggressive acquisition drive in recent months. In June, it upped its investment in Hugo Boss, and now owns a 26% stake in the brand.