Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.
This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.
What the report says
- Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
- MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.
Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.
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What you should know
Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.
Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.