Pick n Pay Stores Limited concluded a sale and purchase agreement to acquire business operations of the Tomis group for approximately ZAR 340 million.

Pick n Pay Stores Limited (JSE:PIK) concluded a sale and purchase agreement to acquire business operations of the Tomis group for approximately ZAR 340 million on June 28, 2023. The consideration will be split into an upfront cash consideration of ZAR 323 million, and a fixed capped deferred price of ZAR 17 million payable on the third anniversary of the transaction. Tomis?

managing director, Laurie Terblanche, is to remain with the Group. The Acquisition remains subject to a number of conditions precedent, including the relevant regulatory approvals and approval from Competition Commission. As on August 29, 2023 the Competition Commission Of South Africa has approved the acquisition.