Type of matter Parties involved Tribunal Decision
Large merger Penalten Investments (Pty) Ltd and Accelerate Property Fund Ltd in respect of a specified percentage of ownership in the Portside Office Tower Approved with conditions
Large merger Pepkor Trading (Pty) Ltd and The Retail Brands and businesses known as “Legit”, “Style”, “Boardmans”, “Swagga” and “Beaver Canoe” from Retailability (Pty) Ltd Approved with conditions
Penalten Investments (Pty) Ltd and Accelerate Property Fund Ltd in respect of a specified percentage of ownership in the Portside Office Tower

The Competition Tribunal ("Tribunal") has conditionally approved the proposed merger in terms of which Penalten Investments (Pty) Ltd (“Penalten”) will acquire an ownership interest in the rental enterprise known as Portside Office Tower (“target property”) from Accelerate Property Fund Ltd. Following the merger, Penalten will gain control of the target property.

The Tribunal’s approval is subject to conditions relating to employment and procurement.

The acquiring group (Penalten, the firms that control it and the firms controlled by those firms) owns several investment properties in South Africa. The group’s office property activities are relevant to this transaction. The Portside Office Tower, located in Cape Town’s central business district, is an office property that includes parking facilities.

Pepkor Trading (Pty) Ltd and The Retail Brands and businesses known as “Legit”, “Style”, “Boardmans”, “Swagga” and “Beaver Canoe” from Retailability (Pty) Ltd

The Tribunal has conditionally approved the proposed merger in which Pepkor Trading (Pty) Ltd (“Pepkor Trading”) will acquire the retail brands and businesses of Retailability (Pty) Ltd (“Retailability SA”) i.e. Legit, Style, Swagga (including the Beaver Canoe brand) and Boardmans (collectively referred to as the “target businesses”). Once the merger is implemented, Pepkor Trading will assume control of the target businesses.

The Tribunal’s approval is subject to conditions relating to employment, procurement and supplier arrangements.

Pepkor Trading is controlled by Pepkor Holdings Ltd, which controls several firms both within and outside South Africa. Its activities in the retail of clothing, homeware, beauty and cellular products are relevant to this transaction.

The target businesses operate in South Africa as follows: Legit sells ladies’ fashion/apparel and various beauty products; Swagga sells apparel for men and boys; Style sells men’s and women’s contemporary and formal fashion wear, as well as kids’ clothing and cellular products; and Boardmans sells small appliances, bedding, towels, crockery, cutlery, outdoor cooking, bathroom accessories, dining and serve ware and other homeware products.

Issued by:

Gillian de Gouveia, Communications Manager

On behalf of the Competition Tribunal of South Africa

Cell: +27 (0) 82 410 1195

E-Mail: GillianD@comptrib.co.za

Twitter: @comptrib

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