Sanpower set to buy House of Fraser in a $750 million deal
Chinese conglomerate taking over famed department store
According to a source, House of Fraser's soon-to-be new owners have big dreams for its newest acquisition, as Sanpower Group plans to take the department store global, starting with China.
The China-based conglomerate - which is worth $9.14 million - is said to have paid $750 million for House of Fraser, which brings in more than $2.08 billion a year.
Sanpower, which also owns Chinese GQ, GQ Style and China Newsweek, currently employ 30,000 staff, which is set to increase in number by more than 16,500 when it takes over the 165-year-old House of Fraser.
As reported, the terms of the sale have already been agreed, as lawyers from both parties are set to finalise the final details this week.