Myer (ASX:MYR) entered into a share sale and implementation agreement with Premier Investments (ASX:PMV) to combine the Myer and Apparel Brands, according to a Tuesday filing with the Australian Securities Exchange.

Premier will receive 890.5 million new Myer shares upon completion in consideration for the Just Group and the contribution of AU$82 million of cash, the filing said.

The issue of consideration shares will allow existing Myer shareholders, including Premier's stake, to own 48.5% of Myer's issued capital, while Premier will receive 51.5% of Myer's issued capital in return for the sale of Apparel Brands, according to the filing.

The transaction is subject to regulatory and shareholder restrictions, among others, as per the filing.

Myer shares fell marginally while Premier shares rose more than 11% in midday trade.

Price (AUD): $0.96, Change: $-0.010, Percent Change: -1.03%