Boohoo on track to acquire US retailer Nasty Gal
The news follows an announcement last December that Boohoo.com had entered into an asset purchase agreement to acquire Nasty Gal for US$20 million.
In a statement, Boohoo said: “As previously announced, the transaction has been governed by a US Bankruptcy Court approved bidding process. Pursuant to this process, Boohoo has been notified by Nasty Gal's counsel that no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and, therefore no auction will take place.“
Subject to final approval by the US Bankruptcy Court, which is expected on or after 8 February 2017, Boohoo.com expects to acquire the intellectual property assets and customer databases from Nasty Gal. If approved, the transaction is expected to complete on 28 February 2017.
The transaction will be financed through a combination of Boohoo's existing cash resources and a new bank debt facility of up to US$20 million.
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