Abu Dhabi's investment holding firm Multiply Group has agreed to buy a 67.9% stake in Spanish fashion retail company Tendam, which owns Cortefiel and Pedro del Hierro brands, among others, from international funds CVC And PAI Partners, Multiply and Tendam said.
Without disclosing the value of the deal, they said in a statement on Tuesday the funds would remain minority shareholders in Tendam, Reuters reported.
Spain's third-largest fashion retailer, whose other popular brands include Springfield and Women's Secret, had planned to launch an initial public offering by early 2025, but its chief executive said in October that it had been postponed due to the impact of the global political turmoil on stock markets.
Tendam's sales for the full year to January were 1.4 billion euros, the same as the prior year, according to the statement.
