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Thai retail giant to acquire U.K. department store Selfridges

Central Group and Austrian partner plow $5.3 billion into luxury chain

Thai retail giant Central Group is set to be the owner of the Selfridges Group and its chain of luxury department stores. (Source photos by Akira Kodaka and AP)

BANGKOK -- Thai retail giant Central Group is set to acquire British luxury department chain Selfridges Group in a move aimed at expanding its presence in the European retail and e-commerce market.

Central will partner with Austrian real estate investor Rene Benko's Signa in the deal reported to be 4 billion British pounds ($5.3 billion). "The parties expect closing to occur upon the receipt of regulatory approvals and the satisfaction of other closing conditions," said a statement released jointly from Central, Signa and Selfridges on Friday.

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