The offering represented approximately 28% of Pepkor’s issued share capital

Davis Polk advised the managers on an unregistered offering of 1.045 billion shares of Pepkor Holdings Limited by Ainsley Holdings (PTY) LTD and SAHPL (PTY) LTD, indirect wholly owned subsidiaries of Ibex Topco B.V., representing approximately 28% of Pepkor’s issued share capital. The offering raised gross proceeds of approximately ZAR 26.6 billion ($1.5 billion).

Pepkor Holdings Limited, which is listed on the Johannesburg Stock Exchange, operates a diverse portfolio of retail chains and has the largest retail store footprint in Southern Africa, with nearly 6,000 stores. Its brands include PEP, Ackermans, Refinery, Incredible and Bradlows.

The Davis Polk corporate team included partner Reuven B. Young and associate Gianna Ceophas. All members of the Davis Polk team are based in the London office.

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