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Westons Sell Selfridges to Thai JV for $5.4 Billion

  • Deal also includes Irish and Dutch department store chains
  • Selfridges, formed in 1908, owns large site on Oxford Street
The Selfridges & Co. department store on Oxford Street in London.

The Selfridges & Co. department store on Oxford Street in London.

Photographer: Hollie Adams/Bloomberg
Corrected

The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a Thai-Austrian joint venture for about 4 billion pounds ($5.4 billion) in one of the biggest U.K. retail deals in years. 

The Weston family said Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa Holding of Austria, have formed a joint venture to buy the retail group. Central and Signa will own the chain in a 50-50 partnership, according to a statement late Thursday London time.