Africa's biggest grocer Shoprite has agreed to buy the franchise unit of unlisted South African rival Metcash Trading for an undisclosed amount, the two companies said in a joint statement on Tuesday.
Metcash's franchise unit operates supermarket chains such as Friendly, Seven Eleven and Price Club Discount across South Africa.
"The transaction will provide (Shoprite) with a further platform to grow its business and franchisees exponentially, both in numbers and in turnover," Shoprite deputy managing director Carel Goosen said in the statement.
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Thursday, March 10, 2011
South Africa's Shoprite to buy Metcash franchise unit
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