By BBC News
Discount chain Poundland has agreed to a £597m takeover by South African retail group Steinhoff International.
Steinhoff said Poundland would be a “complementary fit” to its expansion plans in the UK and the rest of Europe.
Poundland operates more than 900 stores across the UK, Ireland and Spain, and employs 18,000 people, but recently announced failing profits,
Steinhoff owns 40 retail brands in 30 countries, including Bensons for Beds and Harveys in the UK.
Steinhoff has already built up a 23% stake in Poundland, and last month made an informal approach to buy the firm, which was rejected.
Steinhoff in a nutshell
- Headquartered in South Africa from German origins
- Founded in 1964 by Bruno Steinhoff
- 6,500 retail outlets in 30 countries
- 22 manufacturing facilities
- 40 retail brands, including Bensons for Beds and Harveys in the UK, Conforama in Europe, Pep and Ackermans in South Africa and Snooze in Australia
- Also has property and automotive assets