Mike Ashley's retail empire has upped its stake in AO for a third time.
Frasers Group first invested in the Bolton-headquartered electricals retailer in a £75m deal earlier this month.
That deal saw the group, whose brands include House of Fraser and Sports Direct, acquire just under 19% of the listed company.
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The shares had been held by hedge fund Odey Asset Management.
A few days later, Frasers Group increased its holdings to just over 21%.
Now, according to a newly-filed notice with the London Stock Exchange, the group has upped its stake in AO even further to more than 22%.
The rise further strengthens the group's position as AO's largest shareholder, ahead of Camelot Capital Partners which holds 20.4% of its shares.
Founder and chief executive John Roberts has a stake of around 18% in the business.
Since Frasers Group first invested in AO, the company's shares have been on the rise from 63p and peaking at 90p last week.
The increase means AO's share price has risen by almost 70% in the year to date and gives it a market capitalisation of just under £500m.
