Frasers Group says it has acquired 95.35 per cent of MySale’s shares with plans to delist the business from the Alternative Investment Market (AIM).

In a filing with the London Stock Exchange, the company says it “owns or has received valid acceptances over 991,598,628 MySale shares” and intends to apply to cancel the admission of further shares.

Once delisted, the marketplace’s shares would be significantly reduced since Frasers intends to exercise its rights to compulsorily acquire the remaining capital under its initial mandatory offer of 2 pence per share.

The Australian-based fashion marketplace currently operates retail websites across Australia, New Zealand, Singapore and Malaysia. Once MySale is acquired, Frasers will use the website to clear end-of-line products from across its group.

In June, Frasers Group said it believed the investment created an opportunity for a strategic partnership. So far in this year alone, Frasers has acquired Studio, Missguided and ISawItFirst.com.