Linklaters, Simpson Thacher advise as Sanpower buys majority stake in House of Fraser
Linklaters and Simpson Thacher & Bartlett have scored the leading roles on Chinese conglomerate Sanpower Group's purchase of an 89% stake in department store chain House of Fraser.
April 14, 2014 at 07:53 AM
2 minute read
Linklaters and Simpson Thacher & Bartlett have scored the leading roles on Chinese conglomerate Sanpower Group's purchase of an 89% stake in department store chain House of Fraser.
Sanpower, which is listed on the Shanghai Stock Exchange, is set to buy the stake in the 165 year-old UK and Ireland brand through subsidiary Nanjing Cenbest in a deal worth around £480m. The acquisition is expected to close in four months.
Simpson Thacher & Bartlett London M&A partner Derek Baird and Hong Kong corporate partner Shaolin Luo are acting for Nanjing Cenbest, which is also being advised by Bank of America Merrill Lynch.
Linklaters is advising House of Fraser with a team led by London corporate partner Simon Branigan, alongside investment holding company Reorient Group.
The magic circle firm has advised House of Fraser on recent mandates including its £250m bond issue in 2011. The issuance, part of an effort by the company to refinance debt taken on when it was taken private in 2006, saw Latham & Watkins take the lead role for the initial purchasers.
Lloyds Banking Group is among the stakeholders selling off their share in the department store group. King & Wood Mallesons SJ Berwin (KWM) acted for Lloyds on debt and equity interests with a team led by corporate finance partner Andrew Wingfield.
House of Fraser executive chairman Don McCarthy has announced that he will step down from his leadership role when the sale closes.
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