Qatar acquires PRINTEMPS Department Store for US$2.4 billion

A Deutsche Bank AG investment fund and Borletti Group sold French department store owner Printemps to a group of unidentified Qatari investors in a deal estimated at 1.8 billion euros ($2.4 billion). The transaction’s value includes 600 million euros of debt, said a person with knowledge of the matter who asked not to be named because the information is private.

The sale to Qatar ends months of speculation over the owner of five French department stores, including the Printemps flagship in Paris. Deutsche Bank said in February it was in exclusive talks to sell its holding in Printemps to a group of Qatari investors and Borletti. At the time, competitor Galeries Lafayette also expressed interest.