Pepkor secured regulatory approval to acquire five Retailability brands in a 108.1 million deal spanning 462 stores in Southern Africa.
The Competition Commission set conditions to protect jobs and promote procurement from small, historically disadvantaged suppliers in the transaction.
The acquisition expands Pepkors adultwear footprint beyond childrens wear, lifting Pepkor Specialitys store count past 1,400 across multiple countries.
Pepkor Group, the investment holding company backed by South African billionaire Christo Wiese, has secured approval from South Africas Competition Commission to acquire five retail brands from Durban-based Retailability in a R1.9 billion 108.1 million cash deal.
The acquisition covers Legit, Style, Boardmans, Swagga and Beaver Canoe a network of about 462 stores across South Africa, Botswana, Lesotho, Namibia and Eswatini. Pepkor first announced the transaction in March as part of a push to grow its adultwear market share through both organic and acquisitive strategies.
Approval comes with conditions as Pepkor grows in adultwearThe regulator said the deal is unlikely to substantially lessen competition but approved it with public-interest conditions. Pepkor will retain all employees of the acquired brands on no less favorable terms, refrain from merger-related retrenchments, and maintain or increase procurement from small and medium enterprises owned by historically disadvantaged people.