TFG in R480m deal to buy Edcon's Jet
The company said the proposed transaction included the transfer of selected key executives and staff of Jet to ensure sufficient management capacity and continuity to deliver on the current turnaround plan for Jet, and discussions are well advanced in terms of a proposed transition plan.
TFG said Edcon’s business rescue practitioners had accepted the terms of TFG’s conditional offer. “TFG has been granted exclusivity to negotiate and finalise the terms and conclude the proposed transaction,” Jet is a leading Southern African retailer by brand recognition and market share and would provide the group with a strategically important expansion into the value segment of the Southern African retail apparel market.
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