UK-based sportswear and fashion retailer Frasers Group has acquired stakes in online fashion seller boohoo and electricals retailer Currys.

As part of the deal, Frasers has acquired an 8.9% stake in Currys and a 5.01% stake in boohoo.

Financial terms of the transaction have not been disclosed, but the Guardian reported the boohoo stake purchase is valued at £22m ($28m).

In a statement, Frasers said: “Under Michael Murray's leadership, we continue to build on our long track record of establishing supportive shareholder positions in attractive retail companies. We have a clear strategy to identify opportunities to invest in businesses which complement our existing sport, premium and luxury businesses or help us to build and further utilise our sector-leading ecosystem.

“Boohoo is an attractive proposition to us with its laser focus on young female consumers. We see potential synergies and an opportunity to strengthen our own brand proposition in collaboration with boohoo, most obviously with Frasers Group brands, I Saw It First and Missguided.

“Our investment in Currys provides us with a valuable opportunity to build on our foothold in the electricals industry, as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two. Through this investment, we also believe Currys will benefit from Frasers' deep retail know-how and our sector-leading ecosystem.”

The acquisition comes closely after Frasers acquired an 18.9% stake in online electrical goods retailer AO World.

Last month, Reuters reported that the company also raised its stake in online fashion and cosmetic retailer ASOS to 10.6%.

In December 2022, Frasers Group bought 15 UK-based non-core fashion businesses of JD Sports for a cash consideration of up to £47.5m ($60.4m).