Wiese’s Brait raises Iceland stake in $261m deal

Johannesburg - Brait SE  [JSE:BAT], the investment company controlled by South African billionaire Christo Wiese, increased its stake in the UK supermarket chain Iceland Foods to 57% in a deal worth £172m. 

The shares were bought from Graham Kirkham and the Landmark Group, Brait said in a statement on Friday.

The purchase was funded by the sale of £350m of convertible bonds last month.

The deal “is in line with Brait’s strategy of acquiring majority stakes in sizeable unlisted companies,” the company said.

Brait is diversifying its investments out of its traditional market of South Africa after raising R26.4bn in a sale of African retailer Pepkor Holding Pty Ltd.

The company agreed to pay £682m for 80% of British health-club provider Virgin Active in April and £780m for 90% of UK women’s clothing retailer New Look last month.