boohoo, the UK fashion online retailer, has taken full control of prettylittlething.com (PLT) by buying out its minority shareholders Umar Kamani and Paul Papworth in cash and shares.

boohoo is paying an initial consideration of £269.8 million (€300.2m-$332.4m) for the 34 percent it does not hold in the website that targets young women. The company will pay £107.9 million (€120.1m-$132.9m) in stock and £161.9 million (€180.2m-$199.5m) in cash. After the settlement of the deal, boohoo will still have over £350 million (€389.4m-$431.3m) in net cash to take advantage of future investment opportunities.

The cost of the acquisition could rise to £323.8 million (€360.3m-$399.1m), with the £54.0 million difference paid in shares. The top up is contingent on boohoo’s share prices averaging 491 pence over a six-month period by March 14, 2024.

boohoo bought its initial 66 percent stake on Jan. 3, 2017. In the fiscal year ending on Feb. 28, 2017, PLT posted sales of £55 million (€61.2m-$67.8m). The top line since grew by an annual average of 111 percent to £516 million (€574.1m-$635.9m) in the full year ended on Feb. 29, 2020, when PLT posted an adjusted net income to shareholders of £69.9 million (€77.8m-$86.1m). Kamani and Papworth will remain in their current management roles at PLT.

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