Boohoo.com plc has confirmed that court approval has been obtained for it to acquire certain intellectual property assets and customer databases from retailer Nasty Gal Inc. for US$20 million. The transaction, subject to the satisfaction of customary closing conditions waivable at the Group’s discretion, is expected to complete on 28 February 2017.
Mahmud Kamani and Carol Kane, joint CEOs, commented: “We are delighted to have been successful in our bid to acquire Nasty Gal. It represents an exciting opportunity to accelerate our international offering and inspire an ever-growing range of young customers in the US and around the world.”
The north west based online retailer had announced that it had entered into an asset purchase agreement to acquire certain intellectual property assets and customer databases from retailer Nasty Gal Inc. (“Nasty Gal”) for US$20 million at the end of December last year.
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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