Steinhoff merger with Tekkie Town gets greenlight

Cape Town - The Competition Tribunal has approved without conditions the merger between Steinhoff International Holdings [JSE:SHF] and Tekkie Town, it said on Wednesday.

Steinhoff said in September that it agreed to buy Tekkie Town, without disclosing the value of the transaction.

Steinhoff, through its operations under Pepkor, has activities involving clothing and footwear, such as Ackermans, Pep, Shoe City, JD Group and Pepkor Speciality stores like Shoe City, John Craig and Dunns, which sells branded footwear.

Tekkie Town is mainly a sport and lifestyle shoe chain which has approximately 300 stores located throughout South Africa.

The Commission said there was sufficient competition from other players, such as Sportsman’s Warehouse, Sneakers and Cross Trainers.

Steinhoff is registered in Amsterdam, has a corporate office in Stellenbosch, South Africa, and a secondary listing in Johannesburg.

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