Dubai Istithmar has been cleared to buy Barneys


Dubai government investment agency Istithmar has been cleared to buy the luxury clothing chain Barneys New York, U.S. antitrust authorities said on Tuesday.

U.S. officials have reviewed the deal and decided not to take action to stop it, the Federal Trade Commission said in a notice.

Istithmar agreed last week to buy Barneys New York Inc. for $942.3 million from Jones Apparel Group Inc. (JNY.N: Quote, Profile, Research), beating out an offer from Japan's Fast Retailing Co. Ltd. (9983.T: Quote, Profile, Research). Barneys plans to open up to five outlets at a cost of as much as $100 million, Istithmar said.