Footgear gets go-ahead to buy Edgars Active | Fin24
 
  • New Notes

    Long queues have formed in Harare after Zimbabwe released new bank notes and coins.

  • Open Book

    Former President Jacob Zuma says the public protector can access his tax records.

  • Electricity

    Sowetans should pay rate of R150/month to foster a payment culture, says an ANC councillor.

Loading...

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
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...