Westons sell iconic Selfridges chain to Thai-Austrian Group

The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a consortium led by Thai conglomerate Central Group in one of the biggest U.K. retail deals for years. 

The Weston family said Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa Holding of Austria, have formed a joint venture to buy the retail group. Central and Signa will own the chain in a 50-50 partnership, according to a statement late Thursday London time.

No price was disclosed but Bloomberg previously reported the Weston family was considering a 4 billion-pound ($5.4 billion)