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Tuesday, 16 February 2016

Sonae group partners private fund to buy supermarkets in Mozambique

Satya Capital, a private fund established and chaired by African communications magnate Mo Ibrahim, in partnership with Portuguese group Sonae, has agreed to buy the Extra supermarket chain from the ADC group of Mozambique, according to online newspaper Zitamar News. Citing the Mo Ibrahim Foundation, the newspaper also reported that the purchase will be carried out by S2 Africa, an acquisitions vehicle focused on retail set up in 2014 by Satya Capital, based in London, and Sonae Distribution, which owns the Continente hypermarket chain in Portugal. In 2015 the Sonae group gave up on a partnership with Angolan businesswoman Isabel dos Santos to open a supermarket chain in Angola. The chain now purchased belonged to South African retail group Pick n Pay, which left Mozambique in 2013 after failing to make the business profitable.

Source: MacauHub