
Competition Commission has approved Clicks’ R105 million Sorbet takeover.
The acquisition of Sorbet Holdings by Clicks Investments from Old Mutual Private Equity has been recommended to the Competition Tribunal by the Competition Commission of South Africa (CCSA).
Kaya Biz with Gugulethu Mfuphi spoke to Siyabulela Makhunga – Spokesperson for the the Competition Commission of South Africa who shed light on the approval of the takeover.
LISTEN TO THE FULL CONVERSATION HERE:
On April 11 and May 9, 2023, the CCSA had its regular sessions to decide on issues brought before it by individuals and corporations in accordance with the Competition Act, including the Clicks and Sorbet agreement.
The Clicks Group said in November that it had acquired the beauty company for a cash consideration of R105 million.
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On considerations taken into account by the CCSA on takeover
“Our assessment of the Clicks /Sorbet deal was that the deal has approximately 196 stores and franchise salons that are operated independently by several franchisees, and that the group will not be acquiring it to be an independent saloon.
“As a commission we recommended there to be a greater spread of ownership, and we hope we have achieved that.” said Makhunga.
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