Ketron Investment Limited, a Nigerian company owned by a group of institutional investors led by Persianas Investment Limited, a property firm, has announced the acquisition of Shoprite Nigeria.
It said in a statement on Tuesday that the Federal Competition and Consumer Protection Commission had approved a change of ownership.
The company disclosed that the divestment by Shoprite International was in line with its strategy to change from an ownership model to a franchise model.
The Chairman, Ketron Investment Limited, Tayo Amusan said, “We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria.
“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.”
While the financial details of the deal were not disclosed, a recent report by Bloomberg stated that Shoprite’s holdings in Nigeria were valued at N30bn.
Launched in Lagos in December 2005, Shoprite owns 25 outlets across 11 states and the FCT. According to the terms of the acquisition, Ketron holds a 100 per cent stake in Shoprite Nigeria and would continue operations across all existing outlets.
It also plans to open additional stores and introduce more Nigerian-made products to provide more opportunities for Nigerians.
THEPUNCH
