Nigerian Firm Ketron Concludes Acquisition of Shoprite
By Modupe Gbadeyanka
A Nigerian company known as Ketron has concluded the acquisition of the South African retail supermarket, Shoprite Holdings after the approval of the Federal Competition and Consumer Protection Commission (FCCPC).
Shoprite, formerly owned and operated in Nigeria by Retail Supermarkets Nigeria Limited (RSNL), had announced its intention to leave the country because of poor performance and stiff competition from other retail stores.
This development triggered talks with Ketron Investment Limited, owned by a group of investors led by Persianas Investment Limited, on the possible change of ownership.
On Tuesday, Ketron confirmed that it has acquired Shoprite and would operate the business in the country.
Shoprite, which began operations in Lagos in December 2005, has about 25 outlets in Abuja and 11 states of the federation, including Ogun, Oyo, Kwara, amongst others.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” the Chairman of Ketron, Mr Tayo Amusan, was quoted to have said in the statement yesterday.
“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,” he added.
It was gathered that KPMG Advisory Services, MBO Capital Management Limited and Banwo & Ighodalo were involved in the transaction.
Shoprite is one of the largest food retailers in Africa with operations in 15 countries and 2,843 supermarkets and serving 35 million customers.