Clothier Country Road To Pay $181M For Aussie Fashion Co.

Law360, New York (August 1, 2012, 12:24 PM EDT) -- Country Road Ltd. will purchase fellow Australian clothing company Witchery Group from Gresham Private Equity for AU$172 million (US$181 million) to spawn one of the nation's largest specialty fashion retailers ahead of an anticipated economic rebound, the buyer said Wednesday.

A combination of AU$92 million in new debt from Australian banks and a rights issue — expected to raise up to another $92 million — will back the transaction. South Africa's Woolworths Holdings Ltd., which holds an 88 percent ownership stake in Country Road, has committed...
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