South Africa's Foschini buys Britain's Phase Eight

by Reuters 0

South Africa's Foschini Group said on Friday it had bought the holding company of British retailer Phase Eight.

The purchase was made for 238 million pounds (361 million dollars), a deal that gives it access to European markets.

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“The Foschini Group announces it has entered into an agreement to acquire 85 percent of Poppy Holdco Limited, which trades as Phase Eight,” the company said in a statement.