China’s Sanpower Group has agreed to buy British department-store chain House of Fraser in a deal that values the the 165-year-old firm at about US$745 million, the Wall Street Journal reported Sunday, citing a person familiar with the matter. Sanpower, which is controlled by tycoon Yuan Yafei, will buy an 89 percent stake in House of Fraser, the report said, adding that a formal announcement is imminent. The deal puts an end to speculation surrounding the future of the closely held House of Fraser, after the company searched for a buyer for more than two years, the Journal noted. The House of Fraser has annual sales of nearly US$2 billion and employs 7,300 people, according to the report.
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