UK online fashion retailer Boohoo said it has acquired the remaining 34% of shares in the Prettylittlething brand from minority shareholders for an initial £269.8m.
Boohoo said the purchase price, which could potentially rise to £323.8m, will be funded through a combination of shares totalling £107.9m and cash of £161.9m.
The minority shareholders are Umar Kamani, the founder and CEO of PLT who is the son of Boohoo's executive chairman Mahmud Kamani, and Paul Papworth.
Boohoo, which purchased its initial 66% stake in PLT in 2017, said it expected the deal to be "significantly earnings enhancing".
After the purchase Boohoo will retain over £350m of cash which it said left it well-positioned to take advantage of "numerous M&A opportunities that are likely to emerge in the global fashion industry over the coming months."
Shares in Boohoo are up 42% over the last year.
