Westons sell Selfridges to Thai JV for US$5.4bil

Landmark deal: A general view of the Selfridges in London. Central and Signa will own the chain in a 50-50 partnership. — AP

LONDON: The billionaire dynasty behind Selfridges & Co has sold the British department store operator to a Thai-Austrian joint venture for about £4bil (US$5.4bil or RM23bil) in one of the biggest UK retail deals in years.

The Weston family said Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa Holding of Austria, have formed a joint venture to buy the retail group.