Westons Sell Selfridges to Thai JV for $5.4 Billion (Correct)

The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a Thai-Austrian joint venture for about 4 billion pounds ($5.4 billion) in one of the biggest U.K. retail deals in 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.

The Selfridges & Co. department store on Oxford Street in London.

Photographer: Hollie Adams/Bloomberg

The purchase price was not formally disclosed but is close to ...