It seems as if months of ongoing discussions are finally set to come to a head as South African retailer Truworths is to complete its acquisition of British footwear chain Office this week.
Truworths, which is listed on the Namibia and Johnannesburg stock exchanges, is expected to sign an agreement this week to finalize its purchase of Office. The clothing retailer is believed to be paying approximately 260 million pounds for the footwear chain, which is less than the 300 million pounds pricetag linked to Office before.
News of a potential sale to Truworths, which is interested in expanding its businesses outside of Africa, is said to have boosted the footwear chain annual sales.
The sale comes after Office's owner, private equity firm Silverfleet Capital explored options for a potential stock listing. Silverfleet acquired Office in December 2010 from Scottish entrepreneur Sir Tom Hunter for an undisclosed sum. Under the helm of the company's chairman Allan Leighton, Office has grown and expanded into new territories such as Germany.