Following an announcement last December that Boohoo.com had entered into an asset purchase agreement to acquire Nasty Gal for US$20 million; the retailer is now on track to acquire US brand Nasty Gal.
Boohoo said in a statement: “As previously announced, the transaction has been governed by a US Bankruptcy Court approved bidding process. Pursuant to this process, Boohoo has been notified by Nasty Gal's counsel that no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and, therefore no auction will take place.“
Dependent on final approval by the US Bankruptcy Court, which is expected on or after February 8th 2017, Boohoo.com expects to obtain the intellectual property assets and customer databases from Nasty Gal. If approved, the deal is expected to complete on February 28th 2017.
The transaction will be financed through a combination of Boohoo's existing cash resources and a new bank debt facility of up to US$20 million.
