Lau Family, Qatar Boost Lifestyle Stakes for $1 Billion
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Hong Kong’s Lau family and Qatar Investment Authority agreed to pay HK$7.75 billion ($1 billion) to increase their stakes in department store operator Lifestyle International Holdings Ltd.
Thomas Lau, Lifestyle’s chief executive officer, and his family hold 50 percent of the Hong Kong-based retailer after acquiring a 29 percent stake, triggering a mandatory offer for the owner of Sogo department stores, according to a statement to the stock exchange. QIA’s holding totals 22.8 percent from purchasing 2.9 percent of the company in the transactions that were completed Dec. 22, it said.