Fashion retailer N Brown Group, owner of Jacamo and Simply Be, has been acquired by private entity and is set to be delisted from the London Stock Exchange.
The company has received approval for a US $ 238 million take-private deal. Joshua Alliance, the retail company’s non-executive director and a significant shareholder in N Brown, reached an agreement with the company’s independent board in October.
Alliance is the fourth largest shareholder with 53.4 per cent shares, has now acquired the remaining shares through a cash acquisition deal.
The Financial Conduct Authority (FCA) has given a nod to the deal this morning, paving the way for N Brown to become a private company.
Shareholders, including Mike Ashley’s Frasers Group, will have the option to receive either a price per share in cash or exchange their shares for ownership in Alliance’s newly formed company, Bidco.
While the FCA approval is a major hurdle cleared, the official delisting won’t occur until February 2025, following a court hearing and finalization of details. This move signifies a significant shift for N Brown, which went public on London’s junior exchange in 2020.
