House Of Fraser Bought By Chinese Tycoon
A Chinese tycoon has bought British high street chain the House of Fraser, according to sources.
Reuters said a 89% stake was bought by Sanpower, a Nanjing-based conglomerate controlled by Yafei Yuan.
Sources have told Sky News an announcement is expected imminently.
House of Fraser will now seek strategic growth in mainland China as part of a wider, global expansion.
The deal values the department stores at more than £450m.
The two sides are thought to have been in secret discussions for several months.
This follows a protracted search for investors led by House of Fraser's chairman, Don McCarthy.
Just months ago the company was tipped for a public flotation.
But Sky News City Editor Mark Kleinman reported in February that Mr McCarthy apparently had no desire to chair a publicly-listed company.
Sports Direct and Newcastle United owner Mike Ashley was also tipped as a making a possible move for the company.
The British group enjoyed strong Christmas trading, with like-for-like sales at its 61 stores up more than 7% during the three weeks to December 28 and more than 4% in the nine weeks to the same date.
Established during the 1850s, House of Fraser was taken private in 2006 for £351m by a consortium led by Baugur alongside Mr McCarthy and entrepreneur and philanthropist Sir Tom Hunter.