MANCHESTER, United Kingdom — British online fashion retailer Boohoo has acquired the remaining 34 percent of shares in the PrettyLittleThing (PLT) brand from minority shareholders for an initial £269.8 million ($331 million), it said on Thursday.

Boohoo said the purchase price, which could potentially rise to £323.8 million, will be funded through a combination of shares totalling £107.9 million and cash of £161.9 million.

The minority shareholders are Umar Kamani, the founder and CEO of PLT who is the son of Boohoo's Executive Chairman Mahmud Kamani, and Paul Papworth.

Boohoo, which purchased its initial 66 percent stake in PLT in 2017, said it expected the deal to be "significantly earnings enhancing."

After the purchase Boohoo will retain over £350 million of cash which it said left it well-positioned to take advantage of "numerous M&A opportunities that are likely to emerge in the global fashion industry over the coming months."

Shares in Boohoo, up 42 percent over the last year, closed on Wednesday at 334.9 pence, valuing the business at £4.14 billion.

By James Davey; editors: Kate Holton and Jason Neely.