Jul 24 2012
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Saudi Fawaz Alhokair Co Inks SAR730 Mln Deal To Buy NESK Group
Tuesday, Jul 24, 2012
RIYADH (Zawya Dow Jones)--Saudi Arabian retailer Fawaz Abdulaziz Alhokair & Co. (4240.SA) said Tuesday it has signed a share-purchase agreement to buy NESK Group for Trading Project LLC for 730 million Saudi riyals ($194.7 million).
The acquisition will be financed mainly via a long-term loan, Alhokair said in a statement posted on the Saudi bourse website.
NESK franchises several brands including Mango, Stradivarius, Okaidi and Jerry Weber in the kingdom, according to the statement.
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