It’s win-win as Shoprite snaps up Massmart fresh-food assets
Deal will free up Massmart to strengthen its balance sheet and focus on its more successful brands
22 August 2021 - 00:09
Massmart is offloading its loss-making fresh-food assets to Shoprite for R1.36bn in a deal that will free up the Walmart-owned company to strengthen its balance sheet and focus on its far more successful building materials and general merchandising retail brands.
The cash deal, which includes the sale of Massmart’s Cambridge Food, Rhino and Massfresh brands, as well as 12 Cash & Carry stores, is also a win for Shoprite, with Protea Capital Management analyst Richard Cheesman saying on Friday it “looks like Shoprite is getting a good deal acquiring these assets for net asset value”...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.