HMV acquired by private equity firm
(02-28 10:56)
Private equity firm AID Partners Capital acquired the entire stake in HMV Hong Kong, Singapore all the operating licenses for China, Macau and Taiwan. Details of consideration was not disclosed. AID Partners said HMV will keep its current management team.
HMV runs shops in Hong Kong and Singapore, as well as an e-commerce platform based in Hong Kong. The entertainment retailer is a legally separate entity from HMV in UK.
In Britain, supermarket chain Morrisons also bought six HMV store outlets from administrators at Deloitte.
The administrators said last week that the total number of HMV stores closing as part of the 'restructure' shot well above 150, leading to a loss of more than 1,500 jobs.
Morrisons said it will turn the HMV stores into branches of Morrisons M convenience stores.
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