Shoprite agrees to sell furniture business to Pepkor [Yahoo! Finance]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: Yahoo! Finance
The transaction, which will be settled in cash, represents approximately 4% of Pepkor's market capitalisation - around R3.2bn ($179m), according to reports via Reuters. The acquisition will transfer more than 400 stores across several African countries to Pepkor, excluding operations in Angola and Mozambique. The deal also encompasses the Shoprite Furniture credit loan book, related insurance arrangements, inventory and certain fixed assets. Pepkor anticipates that the integration will unlock synergies and efficiencies within the supply chain, logistics and financial services operations. Pepkor already operates a Lifestyle business unit with six household furniture, appliances and consumer electronics retail brands. This transaction will allow Pepkor to enhance its value proposition and expand its presence in regions where it is currently under-represented. Pepkor stated: “Combining Shoprite Furniture with Pepkor Lifestyle will enable key synergies and efficiencies to be
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