Los Angeles -- Multiple reports on Tuesday said that British billionaire and Topshop owner Sir Philip Green is negotiating with Leonard Green & Partners to sell a 25% stake in the TopShop and Topman chains.
The two brands, which would be broken off from Philip Green’s other Arcadia Group retail holdings, are valued at $1.61 billion. An announcement is expected as early as Thursday.
Neither Philip Green nor Leonard Green has commented directly on the impending transaction.
Leonard Green, together with TPG Capital, bought J. Crew in 2010 in a deal valued at about $3 billion.