Qatar has finalized its agreement to acquire French retailer Printemps for Eur 1.6 billion or US $2.09 billion. Included in the sale are the nationwide department stores of the iconic retailer, as confirmed by The Financial Times.
Last month, plans were disclosed that the Gulf kingdom was planning to purchase in full Printemps the company through Qatar's Luxembourg based firm Divine Investments.
The Borletti Group, owners of 30% of the retailer would be purchasing the 70% shareholdings of RREEF, Deutsche Bank's real estate investment unit. After the transfer, the full 100% would then be sold to Divine Investments, which consists of Eur 1.6 billion and Eur 550 million in debt.
RREEF and Borletti acquired Printemps back in 2006 from French luxury brand group PPR for Eur 1.1 billion or US $1.41 billion. From that purchase, the company has expanded to sixteen stores and 4,000 total employees. The turnover for 2011 to 2012 increased by 13% to Eur 1.45 billion.
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