TFG spends R480m on acquiring Jet
Retail group TFG — which owns Foschini, American Swiss and @Home — has agreed to pay R480m to acquire about 371 commercially viable Jet stores from struggling Edcon.
The deal would also cause the “transfer of selected key executives and staff of Jet to ensure sufficient management capacity”, the statement reads. The proposed transaction is subject to customary conditions precedent for a transaction of this nature, including the renegotiation of store leases, requisite transitional services arrangements being agreed, TFG Board approval and the approval by the relevant regulatory authorities, the statement reads.
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