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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.