COLUMBUS, OH-Limited Brands is purchasing Canada-based apparel retailer La Senza for $628 million, or C$48.25 per share, in an all-cash transaction. The deal will give Limited 318 La Senza Lingerie, La Senza Express, La Senza Spirit and La Senza Girl stores in Canada, as well as 327 La Senza and La Senza Girl stores in 34 other countries.

Limited intends to grow the chain throughout most of its retail formats, both in Canada and in other countries, said Martyn Redgrave, the company’s chief financial officer, during a conference call on the deal. Limited will also keep Montreal-based La Senza’s management team in place.

Locally-based Limited is funding the deal with $400 million in debt and the remainder with $240 million in cash. Management officials with both retailers say they expect the deal to close by mid-January.

For its most recent quarter, reported on Aug. 23, La Senza posted a 2.3% same-store sale increase year over year. Net earnings for the period more than tripled, reaching C$7.2 million, while total sales jumped 12.3%, to C$108.9 million.

Meanwhile, Limited announced its third-quarter results in conjunction with the La Senza announcement. Its same-store sales for the period ended Oct. 28 jumped 7% year over year, while total sales rose to just more than $6.6 billion, from last year’s Q3 total of just more than $6.2 billion. Operating income soared to $66.5 million from $20.3 million. Limited operates just more than 3,500 stores under the Bath & Body Works, Express and Victoria’s Secret banners, as well as other chains.

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