Africa’s Steinhoff International will acquire Conforama, unit of French multinational holding company, PPR, for €1.2 billion, Bloomberg reports. As part of the agreement, Steinhoff will buy at least 8.37 million shares in Conforama, or 99.98% of France’s second-largest furniture retailer.
The remaining 0.02% of the issued share capital, which is held by third parties other than PPR and its affiliates, includes a number of unclaimed shares. The transaction, which is awaiting approval by Steinhoff shareholders and antitrust authorities, will be financed from a mix of cash, debt and equity.
