Debenhams to Acquire Danish Chain Magasin in a ￡12.3 Million Deal
In a deal which will cost UK's retail stores chain giant ?12.3 Million, Debenhams confirmed on Thursday that it will be purchasing Denmark's Magasin chain, which trades from as many as 6 stores and reaches out to nearly 20 million consumers each year. Debenhams has shared that Magasin recorded a whopping ?229 Million turnover for the period of a year up-to February 28, 2009.
"We are pleased to add Magasin to the Debenhams group and believe that the close fit between the two businesses will be mutually beneficial. The success of our international business demonstrates that there is demand for our own bought and Designer brands outside our home market which we believe will complement Magasin's existing brands", said Debenhams Chief Executive Rob Templeman.
Debenhams, which has a total of 157 stores in Britain and Ireland, and 52 franchise stores across 17 major countries, is expecting the deal to be "highly accretive" for share holders of the group.
Magasin is a 141 year old establishment.