South Africa's Foschini to pay $456M to acquire UK retailer Phase Eight from private equity firm TowerBrook

Foschini store in Tyger Valley Shopping Centre, Cape Town, South Africa

The Foschini Group Ltd. (TFG) agreed to buy U.K. clothing chain Phase Eight from TowerBrook Capital Partners LP, hastening the South African retailer’s international expansion.

TFG will pay 140 million pounds ($212 million), giving it an 85 percent stake in the women’s fashion seller, the Cape Town-based company said today in a statement. Phase Eight’s management will own the other 15 percent. The transaction values the U.K. retailer at 238 million pounds, including debt.

Read more: Foschini Targeting U.K. Growth With Phase Eight Purchase – Bloomberg.