British luxury department store chain Selfridges is being sold to a Thai retailer and an Austrian property firm.
The deal for the majority of Selfridges Group is worth around £4bn ($5.4bn), the BBC understands.
Founded in 1908 by US retail magnate Harry Gordon Selfridge, the company is best known for its flagship department store on London’s Oxford Street.
The Canadian wing of the billionaire Weston family bought Selfridges for nearly £600m in 2003.
“It is a privilege to be acquiring Selfridges Group, including the flagship Oxford Street store, which has been at the centre of London’s most famous shopping street for over 100 years,” Central Group’s chief executive Tos Chirathivat said in a statement.
It was revealed earlier this month that Central Group was close to agreeing a deal to take over Selfridges.
The Selfridges Group employs around 10,000 people and owns 25 stores worldwide, including in major cities in England, Ireland, the Netherlands and Canada.
Signa and Central will take over 18 of the 25 stores. Selfridges Group’s seven Holt Renfrew department stores in Canada were not part of the deal and will remain in the ownership of the Weston family.
Selfridges’ new owners have said they plan to build on the existing brand to develop luxury online stores as well improving its physical sites.
“Together we will work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into sustainable, energy-efficient, modern spaces, whilst staying true to their architectural and cultural heritage,” Signa’s chairman Dieter Berninghaus said.
The Weston family put the chain up for sale in June, a few months after the death of Galen Weston, who oversaw the move to take the department store private 18 years ago.
“I am proud to pass the baton to the new owners who are family businesses that take a long-term view,” Selfridges Group chairman Alannah Weston said.
Central, which is owned by the billionaire Chirathivat family, is involved in wide range of businesses including real estate, retail, hospitality and restaurants.
The Bangkok-based firm opened its first department store in 1956 and has grown to become Thailand’s biggest owner of shopping malls.
It also has an e-commerce joint venture with China’s JD.com and a stake in south east Asian ride-hailing and delivery giant Grab.
Vienna-based Signa Group was founded by entrepreneur René Benko in 2000 and has become Austria’s largest privately owned real estate company.
The two firms already jointly own major department stores across Europe.
The Central-Signa 50/50 bid reportedly beat rival offers from the Qatar Investment Authority, which owns Harrods, and Lane Crawford, a Hong Kong-based department store chain.