Clicks Group Limited (JSE:CLS) agreed to acquire Sorbet Holdings Proprietary Limited from Long4life Limited for approximately ZAR 110 million on November 24, 2022. The consideration will be paid in cash. The transaction will result in the Clicks Group holding 100% of the issued share capital of all Sorbet group entities. Clicks Group Limited (JSE:CLS) welcomes the Sorbet employees and franchise partners into the group and look forward to a mutually beneficial, value accretive relationship. For the 12-month period since the start of the group financial year, Sorbet reported EBIT of ZAR 27 million. The Sorbet Group will remain located in Johannesburg and the CEO, Linda Sinclair, will report to the Clicks Group CEO. All Sorbet employees will be transferred to the Clicks Group. The proposed transaction is subject to approval by competition authorities. The effective date of acquisition is expected to be the first day of the month following the approval by the competition authorities. As on June 2, 2023, the transaction is approved by the competition authorities.

Clicks Group Limited (JSE:CLS) completed the acquisition of Sorbet Holdings Proprietary Limited from Long4life Limited on June 1, 2023.