Steinhoff International acquires 92.3 % in Pepkor of South Africa

Steinhoff International acquires 92.3 % in Pepkor of South Africa

Steinhoff International acquires 92.3 % in Pepkor of South Africa

Steinhoff  International Holdings of South Africa had agreed to acquire a majority stake in Pepkor, the investment holding company, in cash and stock deal for 62.8 billion rand ($ 5.7 billion).

 Steinhoff, founded in 1965 and based in Johannesburg, is a manufacturer and retailer, which is focusing on furniture and household-goods markets in southern Africa, Europe and the Pacific Rim.

 Pepkor, founded in 1965, operates retail stores in Australia, Africa and Poland. The biggest market is South Africa, where is resulting 63 percent of its revenue.

 Steinhoff will acquire 92.3 percent stake in Pepkor from companies controlled by Steinhoff director Christoffel Wiese’s family trust; Pepkor’s management and the investment company Brait Mauritius. The rest of shares are held by Pepkor’s management.

 The company operates 12 retailer brands includes the Poland’s the biggest nonfood retailer Pep and Pepco.

 The deal is subject to shareholder and regulator approval.

 Steinhoff was advised by Investec Bank, Citigroup, Barclays, Deutsche Bank and Commerzbank, while companies of Mr. Wiese and Brait are advised by Rand Merchant Bank.

Mr. Stakebay says:

 The combined company would have pro forma revenue of 156 billion rand, where biggest part of revenue comes from South Africa. The acquisition is expected to expand in the discout retail space as much as  diversify its revenue mix into clothing, apparel and other products

Chairman and CEO of SIH, Ltd..MARKUS JOHANNES JOOSTE..(1998-present)..R 38 250 200(2013)

Managing Executive Director of PEPKOR…PETER J. ERASMUS..(2011-present)..R    565 000 (2013)

STEINHOFF INTERNATIONAL HOLDINGS

PEPKOR

Revenue

R 117.364 billion (2014)

R 33.592 billion (2013)

Operating income

R 14.122 billion (2014)

R 3.051 billion (2013)

Profit

R 9.863 billion (2014)

R 1.828 billion (2013)

Total assets

R 202. 321 billion (2014)

R 16.64 billion (2013)

Total Equity

R 87.776 billion (2014)

R 5.956 billion (2013)

Employees

79 900 (2014)

32 000 (2013)

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