Competition Tribunal Approves TFG and Tapestry Home brands Merger
On Tuesday, the Competition Tribunal said, that it had approved a large-scale merger between the Foschini Group (TFG) Limited and Tapestry Home brands for R $ 2.43 billion, depending on the conditions. The Foschini Group intends to acquire Tapestry Home Brands. Upon the implementation of the proposed transaction, TFG will exercise sole control over Tapestry.
Competition Tribunal Approves TFG and Tapestry Home brands Merger
On Tuesday, the Competition Tribunal said, that it had approved a large-scale merger between the Foschini Group (TFG) Limited and Tapestry Home brands for R $ 2.43 billion, depending on the conditions.
The Foschini Group intends to acquire Tapestry Home Brands. Upon the implementation of the proposed transaction, TFG will exercise sole control over Tapestry.
Upon completion of the proposed transaction, TFG retains sole control of the tapestry.
According to TFG listed on JSE, the purchase of Tapestry will not fall into debt. The acquisition does not affect the Group’s balance sheet, as TFG’s net liabilities are R $ 800 million.
As a result of the approval, TFG will expand its operations to include furniture and mattress production. After the acquisition, TFG will have nine home consumer brands namely, @ home, @ homelivingspace, Jet Home, Coricraft, Volpes, Dial-a-Bed, The Bed Store, Granny Goose, Biggie Best.
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