DLA Piper advises joint global coordinators on USD1.5 billion accelerated bookbuild

DLA Piper has advised the joint global coordinators comprising of Investec Bank, JP Morgan and Goldman Sachs, on a USD1.5 billion accelerated bookbuild by Ibex Investment Holdings (formerly Steinhoff International) of 1.04 billion shares in Pepkor Holdings. This represents approximately 28% of the shares in Pepkor Holdings, Africa’s largest clothing retailer, operating nearly 6,000 stores in 11 countries across southern Africa.  

The transaction, one of the biggest secondary share sales in South Africa in recent years, attracted strong investor interest and was fully subscribed within minutes.

A multi-disciplinary team from DLA Piper’s Johannesburg office worked on the transaction led by Corporate director Peter Bradshaw. He was supported by directors Kirsty Simpson and Tumisang Mongae (both Litigation &Regulatory), senior associates Zama Shoba and Annie Nair.

Peter Bradshaw, director, commented: “This transaction reflects the continued depth and resilience of South Africa’s equity capital markets. The successful execution of the offering within such a short timeframe is testament to the quality and the strength of the Pepkor story. Advising on this matter underscores our commitment to supporting impactful transactions that contribute to the continued development of Africa’s capital markets”.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, is number 1 across Africa and the Middle East by M&A deal volume for two years, according to Mergermarket, and number one in M&A in combined global deal volume according to PitchBook.