Abu Dhabi investment holding company Multiply Group has agreed to buy a 67.9% stake in Spanish fashion retail group Tendam from international funds CVC and PAI Partners.

CVC and PAI Partners will remain minority shareholders in Tendam, which owns the Cortefiel and Pedro del Hierro brands among others, a joint statement from Multiply and Tendam said on Tuesday without disclosing financial details.

Spain's third-largest fashion retailer, brands of which also include Springfield and Women's Secret, had previously postponed plans for an initial public offering (IPO) by early 2025.

Multiply CEO Samia Bouazza said the deal marked entry into a sector with "significant growth potential".

Tendam's sales for the year to January 31 were 1.4 billion euros, unchanged year on year, the statement said.

Multiply was advised by Greenhill, Hogan Lovells and KPMG, while Tendam's shareholders were advised by Uria Menendez. Ramon Hermosilla Abogados and Latham & Watkins also advised on legal aspects of the deal.

CVC and PAI took full control of Tendam in 2017, acquiring Permira's stake in the company in a deal that valued the fashion retailer at 1 billion euros ($1.05 billion). They first invested in the company in 2005. ($1 = 0.9522 euros)

(Reporting by Andres Gonzalez and Corina Pons Writing by Andrei Khalip Editing by David Latona and David Goodman)