Pepkor to acquire retail businesses from Retailability

Pepkor Holdings announced today it has entered into a transaction agreement to acquire the Legit, Swagga, Style, and Boardmans businesses from Retailability Proprietary Limited. The acquisition will incorporate 462 stores across South Africa, Botswana, Lesotho, Namibia, and Eswatini into Pepkor Speciality, which already operates 941 stores. The transaction aims to bolster Pepkor’s adultwear segment, especially through the Legit brand's womenswear offerings. The total purchase consideration, subject to working capital adjustments, represents less than 2% of Pepkor’s market capitalisation and will be settled in cash. The deal is subject to customary regulatory and commercial conditions.