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Steinhoff to Buy Africa Retailer Pepkor in $5.7 Billion Deal

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Steinhoff International Holdings Ltd. agreed to buy Africa’s Pepkor Holdings Pty Ltd. for 62.8 billion rand ($5.7 billion), adding clothing for the first time as the furniture retailer seeks to become one of the world’s biggest discounters.

Steinhoff will purchase a 92.3 percent stake in closely held Pepkor, South Africa’s biggest retailer, the Johannesburg-based company said today. Sellers including South African billionaire Christo Wiese will hold a minority stake in the enlarged business.