Frasers Group has increased its stake in electricals retailer AO World as it launches an £80m share repurchase programme.
The retail group said on Monday that it intends to buy back up to 10 million shares, worth 2% of the company, over the next 11 weeks to 28 April with support from investment banking group Deutsche Numis.
The Sports Direct owner conducted three buybacks of similar value last year, along with a separate £70m programme.
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It comes as Frasers continues its acquisition spree with the group increasing its holding in AO from 23.07% to 24.7% on Tuesday.
The retail empire first snapped up a 19% stake, worth £75m, in the Bolton-based online retailer back in June.
Frasers also holds shares in AO rival Currys, which it said was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”.
The group also upped its stake in online fashion retailer N Brown on Monday, from 19.36% to 20.02%.
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