Ketron Completes Shoprite Nigeria Acquisition

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Ketron Investment Limited, a Nigerian company owned by a group of institutional investors led by Persianas Investment Limited has announced the purchase of Shoprite Nigeria’s assets after the approval from the Federal Competition and Consumer Protection Commission (FCCPC).

This was disclosed in a statement released on Tuesday by the Chairman, Ketron Investment Limited, Tayo Amusan.

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“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria. We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” the Chairman said.

The statement revealed that advisers on the acquisition includes KPMG, MBO Capital Management Limited and Banwo & Ighodalo.

Ketron Chair, Amusan, added that Ketron’s vision is to “create fundamental change for the better within Nigeria,” adding that the company will bring to bear, its knowledge of the ever-evolving Nigerian retail marketplace.

The Federal Competition and Consumer Protection Council (FCCPC) said there was a pending application for a merger/acquisition involving the Persianas – Shoprite deal. This came after Persianas announced it will take over Shoprite’s operations in Nigeria after a bidding process was concluded, for an undisclosed fee.