Ashurst has advised Consolidated Press Holdings Pty Limited (Seller) on its sale of Pretty Girl Fashion Group to Noni B Limited (Buyer).

The deal is worth up to A$82 million, payable in cash and Noni-B shares. An earn-out will also apply.

The acquisition will result in the Buyer, which is listed on the ASX, becoming one of the largest speciality retailers in Australia. The acquisition is to be funded by debt and an accelerated non-renounceable rights issue.

The Ashurst team was led by partner Anton Harris, who was assisted by counsel Melinda Sanders and lawyer Ellen Zhang (Corporate).