ASOS PLC (LSE:ASC) has completed the majority sale of its Topshop and Topman brands to Heartland, the holding company of Danish multinational clothing business Bestseller.
Heartland now owns 75% of the brands, with ASOS retaining 25%.
The Topshop and Topman brands were valued at £180 million via the establishment of this joint venture, with ASOS receiving £118 million after expenses from Heartland.
City analysts roundly applauded the deal, which allowed ASOS to slash its net debt position.
Berenberg recently pumped its ASOS share price valuation from 490p to 600p as a result of the deal.