Bahrain-based alternative asset manager, Investcorp, is buying Danish luxury retailer Georg Jensen for US$140m, Investcorp's spokesman confirmed on Monday.
The Financial Times reported the deal earlier on Monday, quoting Hazem Ben-Gacem, Investcorp's European private equity head, who will co-chair Georg Jensen, as saying Investcorp planned to expand the Danish brand in Asia, especially China.
The deal, which is expected to close on Monday, will be cash-only and fully paid by Investcorp, said Firas El Amin, head of corporate communications.
"We have a working capital and capital expenditure facilities from Nordea Bank," he said, adding that ING Bank was advising Investcorp on the deal.
Georg Jensen, with sales of US$160m in 2011, has 94 stores worldwide, including a presence in Australia, Japan and Hong Kong and Denmark.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, is buying Georg Jensen from private equity firm Axcel Capital Partners.
The Bahraini firm had US$11.5bn in assets under management on June 30. Last month it raised US$250m with a five-year international bond issue.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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