Pepkor Holdings Ltd. will buy clothing and homeware brands Legit, Swagga, Style and Boardmans from Retailability Proprietary Ltd., giving Africa’s largest apparel retailer access to 462 more stores across the south of the continent.
Bloomberg
The owner of chains including Pep, Ackermans and Refinery didn’t disclose the exact amount of the purchase, only saying it represents less than 2% of its current market value, which is about 96.9 billion rand ($5.3 billion). Cape Town-based Pepkor will settle the purchase cash, it said in a statement Tuesday.
The deal is some years in the making, with Pepkor initially exploring a potential takeover of Retailability’s Edgars brand in 2023, according to people familiar with the matter at the time.
The transaction announced Tuesday won’t include the Edgars, Edgars Beauty, Red Square, Kelso and Keedo businesses.
