You might have felt pretty bling this week following payday, making it rain and all that, but you’re not exactly playing in the same league as Christo Wiese.
South Africa’s richest man is now investing another $1,8 billion (R24 billion) in Steinhoff International Holdings, with the furniture retailer set to up the ante with acquisitions in Europe and North America.
Fin24 has the details:
Wiese, whose net worth is estimated at $6.6bn (R89.1bn), according to the Bloomberg Billionaires Index, said last month Steinhoff isn’t done with deals as acquisitions are part of the company’s DNA. Steinhoff snapped up UK discount chain Poundland Group and Mattress Firm Holding of the US in the past year as it aims to challenge the likes of Ikea.
“The real story here is around Wiese, confirming the financial backing and the acumen which he brings to the company,” said Mark Hodgson, a Cape Town-based analyst at Avior Capital Markets.
“They are raising more than what I estimated they required, which may suggest there are more deals in the pipeline.”
Steinhoff are also set to raise an additional $2,75 billion (R37 billion) through offering shares to other investors, which will also be put towards that Europe / North America effort.
Must be nice, hey.
[source:fin24]
