Christo Wiese - Investments
Wiese, South Africa’s fourth-richest man with a fortune of about $6.9bn, owns about 35% in Brait. Steinhoff International Holdings agreed to buy Pepkor for R62.8bn on November 25, 2015.
Johannesburg - Brait SE [JSE:BAT], the Johannesburg-listed company that last week agreed to buy British healthclub provider Virgin Active, has a further $2bn (R24.3bn) to spend on deals, according to its largest shareholder and billionaire Christo Wiese.
The San Gwann, Malta-based investment company is seeking to buy businesses that are cash generative and have a proven management team, Wiese said in an interview on Thursday. He owns a 35% stake in Brait worth about $1.4bn, according to data compiled by Bloomberg.
Shareholders have pressured the company to look for targets since it agreed to sell its stake in African retailer Pepkor Holding to Steinhoff International [JSE:SHF] for R26.4bn last year - South Africa’s biggest takeover in more than a decade.
The company agreed to pay $1bn (about R12bn) for 80% of Virgin Active, which has more than 40% of its gyms in South Africa. CLICK the above LINK to read the Full Article.
Johannesburg - Furniture firm Steinhoff Interna-tional will buy 92% of clothing retailer Pepkor, it said on Tuesday, in a R62.8bn deal that gives it exposure to the fast-growing African apparel market. CLICK above LINK for the Full Article.
Brait has been seeking targets for a R26.4bn ($2.2bn) windfall it received from the 2014 sale of its stake in African retailer Pepkor Holdings as investors pressured the company to spend the cash. CLICK above LINK to read the Full Article.
The deal values clothes and homeware group Pepkor at R68bn. Steinhoff will pay for its controlling stake through the issue of 839-million shares and R15bn in cash.
CLICK the above LINK to Read the Full Article.
South African household goods firm Steinhoff has offered 1.2 billion rand ($99 million) for shares it does not already own in furniture retailer JD Group. Click HERE for Article. Read more about CEO Markus Jooste - HERE
He recently moved from Irene near Pretoria to Stellenbosch near Cape Town. With an interest in a nearby wine farm, Jooste is a senior member of the Stellenbosch Business Clique, alongside Johann Rupert, GT Ferreira and Jannie Mouton.
Steinhoff’s R63bn acquisition of Pepkor today ranks as the biggest transaction in South African corporate history. But for CEO Markus Jooste it is just the start of an exciting new international chapter for what will be a R200bn group. In this special podcast, Jooste explains how the deal is the culmination of a long journey with billionaire entrepreneur Christo Wiese – a relationship which goes back to 1982 when Jooste did the audit on the Pepkor account.
CLICK above LINK to read the Full Biznews Article.