Foschini buys Britain’s Phase Eight

JOHANNESBURG (Reuters) – South Africa’s Foschini Group said on Friday it had bought the holding company of British retailer Phase Eight for 238 million pounds ($361 million), a deal that gives it access to European markets.

“The Foschini Group announces it has entered into an agreement to acquire 85 percent of Poppy Holdco Limited, which trades as Phase Eight,” the company said in a statement.

($1 = 0.6587 pounds)