Alba was set to end the supply of Alba and Bush branded products, which include TVs, DVD players and stereos, as part of a restructuring plan.
Argos decided to step in to acquire the brands, which it said are popular in its stores.
A spokesperson for Argos owner Home Retail Group said: "The trademarks are household names with very strong heritage, which have high awareness and purchase frequency with Argos customers."
Alba has agreed to change its name to Harvard International as part of the deal.
The company added that the financial arrangements it has reached with Alba plc mean the acquisitions are "expected to be broadly earnings neutral for the year ended February 2010".
Alba/Harvard, which distributes electrical consumer goods throughout the UK and Europe, owns several other electrical brands including Goodmans, Grundig, Sonetik, and Ministry of Sound Audio.