The group fell into administration last year.
All Topshop stores are set to close as ASOS buys Arcadia group brands including Topshop, Topman, and Miss Selfridge.
The group fell into administration last November due to falling sales amidst the coronavirus pandemic. ASOS has since acquired the brands but will not be reopening its stores, instead moving its focus to online sales.
BBC News reports that ASOS, which has acquired many fashion brands since the beginning of the pandemic, will pay £265 million for the Arcardia brands and a further £30 million for its stock.
The company has confirmed that approximately 300 jobs will be saved.
ASOS chief executive Nick Beighton said: "The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy.
"We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world."
Administrators confirmed the deal, which should be completed by February 4, this morning. Some 2,500 employees working at the brand's stores were not mentioned in the deal.
Elsewhere, Boohoo recently bought the Debenhams website
for £55 million after the company was forced to shut its doors last year.
Executive chairman of Boohoo, Mahmud Kamani, said: "This is a transformational deal for the Group, which allows us to capture the fantastic opportunity as eCommerce continues to grow.
"Our ambition is to create the UK’s largest marketplace. Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion eCommerce, but in new categories including beauty, sport and homeware."
Debenhams stores across the UK and Ireland will not reopen as part of the merger. Debenhams operated up to 11 stores across Ireland including Dublin, Cork, Newbridge, Galway, and Waterford.
