👨🏿🚀TechCabal Daily – A not-so-Flash deal
In today's edition: Pepkor’s fintech merger faces shareholder pushback || Quickmart cuts founder-linked contracts || Eskom enters the EV charging business || Dangote Refinery extends IPO timeline
In a surprising turn of events, Pepkor's Flash-Shop2Shop merger, valued at $1.3 billion, has caught the attention of shareholders due to a pushback against the deal. Three months after the announcement in July, the transaction has drawn criticism. The merger aims to combine two large merchant networks, establish a bigger fintech business, with plans to list it separately.
Pepkor will hold a 57.1% stake in the combined entity, FintechCo, while CEO Pieter Erasmus will own 13.2%, equivalent to approximately R2.8 billion ($170 million) at the deal valuation.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
