EDCON Store card sale to Absa approved
IOL Business - Sep 25th 2012, 08:25
The Competition Tribunal had approved the sale of Edcon’s private label store card portfolio in South Africa to Absa, as well as the long-term strategic relationship agreement with Absa, said on Friday.
The approval is conditional on Absa ensuring the confidential treatment of Edcon information, a condition to which both parties have agreed. Edcon said the transaction was on track for closure before the end of the calendar year. The transaction proceeds would be used for the repayment of debt, including notes issued in terms of Edcon’s securitisation programme, investment in the business, and to cover transaction fees and expenses. It was reported in June that the sale for R10 billion would help settle the retailer’s debt.
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