The accelerated bookbuild transaction represented approximately 7.2% of Pepkor’s issued share capital

Davis Polk advised the managers on an unregistered offering of 265 million shares of Pepkor Holdings Limited by Ainsley Holdings (PTY) Limited, an indirect wholly owned subsidiary of Steinhoff International Holdings N.V., representing approximately 7.2% of Pepkor’s issued share capital. The offering raised gross proceeds of ZAR 4.9 billion.

Pepkor Holdings Limited, which is listed on the Johannesburg Stock Exchange, operates a portfolio of retail chains with the largest retail store footprint in Southern Africa, with over 5,800 stores operating across 10 African countries and in Brazil, and approximately 50,000 employees.

The Davis Polk corporate team included partners Dan Hirschovits and Reuven B. Young and associate Jonathan Williamson. All members of the Davis Polk team are based in the London office.

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