South African retail giant Steinhoff has completed its £610m capture of value retailer Poundland, two months after a deal was first agreed.
The UK’s High Court approved the takeover yesterday, with the deal being finalised today, Poundland revealed in a filing.
Backed by South African billionaire Christo Wiese, Steinhoff suffered a scare in finalising the takeover after activist investor Elliott Capital built up its stake in Poundland.
The conglomerate – which also owns Bensons for Beds and Harveys – was forced to up its offer, but a challenge from the investors never materialised.
It is third time lucky for Steinhoff this year after failing to land Home Retail-owned Argos and French electricals retailer Darty.
Trading in Poundland’s shares on the London Stock Exchange have now been suspended.
Poundland’s non-executive directors, including chairman and former Carpetright boss Darren Shapland, have stepped down as a result of the deal.
However, as revealed by Retail Week, the value retailer’s chief executive Kevin O’Byrne is expected to stay after being offered a £2.7m share package by Steinhoff.
Steinhoff is expected to bring elements of its budget fashion chain Pep & Co into Poundland stores.