ABN – Brait has purchased a majority stake in UK fashion retailer New Look for £780 million (US$1.2 billion).
The company, which is owned by South African billionaire Christo Wiese, also recently purchased an 80% stake in Virgin Active for £682 million.
Brait already owns a 19% stake in British food retailer Iceland as well as an 87% stake in South African food maker Premier.
New Look CEO Anders Kristiansen said: “We have considered all the options and we thought Brait’s offer was the best deal.
“It gives us stability. They are not private equity; they are long-term investors and they are going to hold the business for many, many years.
“They have bought into the strategy we started two years ago and they want us to go faster, not slower.”