Boohoo’s £16m acquisition of Nasty Gal IP gets US green light

The deal, which will see Manchester-based fast fashion retailer Boohoo.com acquire the intellectual property assets of US company Nasty Gal for £16.3m ($20m), looks set to go ahead.

The transaction has been governed by a US Bankruptcy Court approved bidding process.

Boohoo’s legal team has been told by Nasty Gal’s counsel that no acceptable, qualifying bids have been received and no auction will take place.

Subject to final approval by the court expected on or after Wednesday (February 8), Boohoo expects to acquire the intellectual property assets and customer databases.

The transaction will be financed through a combination of Boohoo’s existing cash resources and a new bank debt facility.