Pursuits
Foschini Targeting U.K. Growth With Phase Eight Purchase
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The Foschini Group Ltd. agreed to buy U.K. clothing chain Phase Eight from TowerBrook Capital Partners LP, hastening the South African retailer’s international expansion.
TFG will pay 140 million pounds ($212 million), giving it an 85 percent stake in the women’s fashion seller, the Cape Town-based company said today in a statement. Phase Eight’s management will own the other 15 percent. The transaction values the U.K. retailer at 238 million pounds, including debt.