Deals
Steinhoff to Buy Remaining Shares in JD Group for $99 Million
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Steinhoff International Holdings Ltd., the South African retailer which last year agreed to buy Pepkor Holdings Pty Ltd. for $5.2 billion, said it would buy out fellow investors in furniture chain JD Group Ltd.
The company will offer 34 rand per share for the 13.22 percent stake it doesn’t already own, a deal valued at about 1.2 billion rand ($99 million), Johannesburg-based Steinhoff said in a statement on Tuesday. It will then seek to delist the unit. JD Group shares gained 17 percent to an 18-month high of 32.85 rand as of 1:36 p.m. in Johannesburg, valuing the company at 8.8 billion rand.