Argos-owner GUS has sold its home shopping businesses in the UK, Ireland and Sweden to the millionaire Barclay brothers in a deal designed to cut its debts.
Sir David and Sir Frederick Barclay, who were estimated to be the 34th richest men in Britain by the Sunday Times Rich List, are to merge GUS's mail order section with the Littlewood business they bought from the Moores family last year for £750m.
They also own the London Ritz hotel and newspapers including The Scotsman and The Business.
The home shopping arm of GUS was sold for £590m.
GUS is also selling its Reality logistics and customer care business in the UK to the Barclays' March UK company and will receive about £450m in cash on completion.
A further £140m is payable in May 2006, with the proceeds used to pay debts.
It is not yet known if the deal will lead to job cuts.
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