The South African company is also seeking to sell properties in Europe valued at about EUR 400 million ($450 million).
Sunday 31, March 2019
(Bloomberg) --Steinhoff International Holdings’ Unitrans Motor Group, which the embattled retailer is in talks to sell, may be valued at as much as $280 million.
The lower end of the valuation range may be about $204 million, said two of the people, who asked not to be identified because the negotiations are private.
Last week, Steinhoff said that it plans to sell 75 per cent of South Africa’s largest car dealership to the local unit of Toyota Tsusho Corporation’s CFAO Holdings as it exits businesses that do not complement existing retail franchises.
Steinhoff raised about $332 million after selling its remaining shares in South Africa’s KAP Industrial Holdings. That followed similar disposals of stock in Pepkor Holdings, Steinhoff’s African retail operations and investment-holdings company PSG Group.
“We’ve been looking to enter South Africa for many years, it is a significant acquisition for the group,” said Richard Bielle, CFAO’s Chairman and Chief Executive Officer.
“We would like to expand these types of services in Unitrans to our other operations in Africa,” added Bielle.
CFAO is financing the deal through a combination of debt and equity.
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