Footgear gets go-ahead to buy Edgars Active | Fin24
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Footgear gets go-ahead to buy Edgars Active

Sep 19 2019 14:19
Marelise van der Merwe

The Competition Tribunal has approved a merger which will see Edcon selling its Edgars Active and High Key chain stores to Footgear.

The Tribunal said in a statement on Thursday that Edcon CEO Grand Pattison had attended a Tribunal hearing and confirmed the sale of the assets and business of the two brands to Footgear, a subsidiary of Old Mutual. The sale forms part of the struggling Edcon Group's turnaround plan. 

Edcon is the parent company of retailer Edgars. 

Pattison told the Tribunal that the Edcon Group would be "coming twice more", indicating that it aimed to sell off more non-core assets. 

There will not be any retrenchments as a result of the transaction, the Tribunal said. It found that the merger did not raise any competition or public interest concerns, and approved the merger without conditions. 

Fin24 previously reported that the deal would impact some 116 retail stores across the continent, which would be rebranded as Footgear outlets. 

According to a Bloomberg report from July 2019, the deal was to be funded from R3.7bn raised by Old Mutual and would help Edcon to restructure debt.

edcon  |  footgear  |  old mutual


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