Shoprite to Sell Nigerian Unit to Property Firm Persianas
- Nigerian unit valued at $73 million, person familiar says
- Africa’s biggest grocer has faced supply, currency shortages
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Shoprite Holdings Ltd. plans to sell its Nigerian division to a local property group, as Africa’s largest food retailer pulls back from the continent’s most populous country.
The deal for Persianas Group Ltd. to buy the unit is subject to regulatory approval, Cape Town-based Shoprite said in a statement Thursday, confirming earlier reports. While the asset has been valued by the seller at 30 billion naira ($73 million), it’s not yet clear how much Persianas has agreed to pay, according to a person familiar with the matter.