Tribunal approves Pick n Pay Meadowlands acquisition, subject to employment-related conditions
The Tribunal has approved, subject to employment-related conditions, a merger in which Pick n Pay Retailers (Pty) Ltd (“PnP Retailers”) will acquire the business of Topaz Sky Trading 259 (Pty) Ltd (“Topaz”), comprising Pick n Pay Family Meadowlands and Pick n Pay Liquor Meadowlands (“PnP Meadowlands”), as a going concern. Following implementation of the transaction, PnP Retailers will assume sole control of PnP Meadowlands.
PnP Retailers is wholly controlled by Pick n Pay Stores Ltd (“PnP Stores”) which is listed on the Johannesburg Stock Exchange. Its Pick n Pay retail network stores, which include Pick n Pay Hypermarkets, Pick n Pay Supermarkets, Score Supermarkets Trading (Pty) Ltd and Boxer Retail Ltd, are relevant to this transaction. The group operates a multi-format, multi-channel retail business offering fast moving consumer goods, clothing and alcoholic beverages through corporate-owned and franchise stores.
PnP Meadowlands is currently controlled by Topaz and operates as a franchisee PnP Family Supermarket and PnP Liquor Store. The business forms part of Pick n Pay’s broader retail network serving consumers in South Africa.