From  Deal Book

Brait, a South African investment firm, said on Friday that it had agreed to acquire a controlling interest in the British retailer New Look Retail Group for 780 million pounds, or about $1.2 billion.

Brait will acquire a 90 percent stake in New Look from its owners, primarily funds advised by the private equity firms Apax Partners and Permira. The deal values New Look at £1.9 billion, including debt.

The remaining 10 percent stake in the fast-fashion chain will be acquired by interests controlled by the family of New Look’s founder, Tom Singh, and its management, Brait said.

“New Look is an attractive investment opportunity for Brait,” John Gnodde, the chief executive of Brait, said in a news release. “We have been highly impressed with the management team and look forward to partnering with them.”

The transaction is expected to be completed next month.

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