Saudi Arabia’s Public Investment Fund Takes Large Minority Stake in Selfridges

Selfridges’ majority shareholder Central Group has increased its stake to 60 percent as part of the deal, the terms of which were not disclosed.At that time PIF already owned a 10 percent stake in Selfridges, and was offering a cash price of 1 million British pounds for a 40 percent stake in the retailer.“We are pleased to be partnering with Central Group in Selfridges, one of Europe’s most iconic luxury department stores.

The deal includes new investment by both Central and PIF “to strengthen Selfridges Group’s financial position and support the group’s future development,” a statement from Central said. When the reports of PIF’s interest in Selfridges first surfaced, Bernstein’s Luca Solca told WWD that “Selfridges has continued to improve its offer in the past 10 years, but its transformation away from a general department store is possibly still in progress. Having a solid shareholder committed to the long term will definitely help.”

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hedge fund Elliott Investment Management steps up pressure on Southwest Airlines' managementElliott Investment Management has acquired enough of the company’s stock to call a special meeting of shareholders.
Source: NBCDFW - 🏆 288. / 63 Read more »

Hedge fund Elliott Investment Management steps up pressure on Southwest Airlines' managementElliott Investment Management has acquired enough of the company’s stock to call a special meeting of shareholders.
Source: NBCDFW - 🏆 288. / 63 Read more »

Germany Launches €1 Billion Fund for Raw Materials InvestmentThe German government is establishing a €1 billion fund to bolster domestic raw materials production and reduce reliance on foreign sources like China. The initiative aims to secure supply chains for critical minerals crucial for high-tech and green projects, following disruptions caused by the pandemic and the war in Ukraine.
Source: mining - 🏆 449. / 53 Read more »

Hedge fund Elliott Investment Management steps up pressure on Southwest Airlines' managementElliott Investment Management has acquired enough of the company’s stock to call a special meeting of shareholders.
Source: NBCDFW - 🏆 288. / 63 Read more »

Ripple rallies 4% as Grayscale announces XRP investment fundRipple (XRP) rallied as much as 10% on Thursday following the announcement of a new vehicle for institutional investment.
Source: FXStreetNews - 🏆 14. / 72 Read more »