INDIA. Reliance Brands has completed its anticipated acquisition of toy retailer Hamleys.
The subsidiary of Indian conglomerate Reliance Industries announced on 9 May that it had reached an agreement to acquire the iconic retailer for £67.96 million (US$85.25 million).
Reliance Brands yesterday (18 July) confirmed in a statement to the National Stock Exchange of India that the deal had been completed.
“Reliance Brands Limited, subsidiary of Reliance Industries Limited, has completed acquisition of 100% stake of Hamleys Global Holding Limted through a special purpose vehicle company set up in United Kingdom for cash consideration of £67.96 million,” the statement said.
There are currently Hamleys stores in airports across the world, including London Heathrow, London Gatwick, Kuala Lumpur and Mumbai airports.
