#Businessnews: Ketron Investments Completes Acquisition of Shoprite Nigeria
Ketron Investment Limited, a subsidiary of Persianas Investment Limited owned by Tayo Amusan , has completed the acquisition of Retail Supermarkets Nigeria Limited (RSNL), owner and operator of Shoprite Nigeria. The acquisition has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
Shoprite is Africa’s largest food retail chain with 2,843 stores in 15 countries and serving 35 million customers in Africa and the Indian Ocean Islands; its supply chain includes over 300 local suppliers comprising small businesses and farmers. Shoprite currently has 25 outlets across Nigeria.
Last year, the Management of shoprite informed investors of a potential divestment of its business in Nigeria, with Persianas becoming the preferred bidder amongst three other bidders.
Ketron acquired 100% ownership of Shoprite in Nigeria and will continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products, the statement said.
Going by the company’s June 2019 annual report, Shoprite valued its equity in its Nigerian subsidiary at about N25.6 billion. However, the exact purchase considerations and valuation including terms and conditions agreed on between the parties are not made known
In a statement issued on Tuesday, Tayo Amusan, Chairman, Ketron Investment Limited, said that the Federal Competition and Consumer Protection Commission had approved a change of ownership.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” he said. “We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future.”
Commenting on the deal, Jide Ogundare, CEO, MBO Capital, in his comment, said: “With the plans we have in place, and with the support of the larger Shoprite family in Nigeria including our staff and every Nigerian shopper that walks through our doors, we are confident of success.”
