Future Retail has agreed to acquire online furniture seller FabFurnish.com from its owner Bluerock eServices Private (BEPL) for an undisclosed amount.
"The company has agreed to acquire the entire equity shares of FabFurnish.Com, owned and operated by BEPL, as per the terms and conditions agreed under the share purchase agreement," Future Retail said in a BSE filing.
The company will acquire FabFurnish at a price of Rs 4.86 per share, the filing said. However, the filing did not give the number of shares the company is acquiring.
"The definitive documents are in process of being executed," the filing said, adding that the acquisition would complete in next 7-15 days.
The acquisition would create a space for Future group in the online furniture space.
"The object is to acquire the furniture and home furnishing business along with FabFurnish brand in the e-commerce space," it added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
