Istithmar reaches definitive agreement to acquire barneys

Dubai (ANTARA News/PRNewswire-AsiaNet) - Istithmar, the leading Dubai
based private equity and alternative investment house successfully
reached agreement to acquire luxury retailer chain Barneys New York, at
a final purchase price of US$942.3 million, after negotiations came to
a close yesterday.



In a statement issued today, H. E. Sultan Ahmed Bin Sulayem, Executive
Chairman of Istithmar said, "We are excited to acquire Barneys New
York. Barneys is a unique global asset with incredible growth prospects
within the luxury market. We look forward to working with Barneys as
both a financial and strategic partner. We intend to grow the company
in the US and in international markets."
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