Gokongweis to seal acquisition of Rustan’s Supercenters in 6 months
Multi-format retailer Robinsons Retail Holdings Inc.’s acquisition of Rustans Supercenters is expected to be consummated in six months.
RRHI entered into a $520 million deal with pan-Asian retailer Dairy Farm International Holdings Ltd. to acquire the latter’s Rustan’s Supercenters. In return, Dairy Farm will get an 18.25 percent interest in the Gokongwei-led company.
Dairy Farm is entitled to two seats on the board of RRHI.
“We are delighted to be increasing our investment in the fast-growing Philippine food retail sector in partnership with Robinsons Retail and the Gokongwei family…The partnership combinee two strong, experienced and talented teams who will have access to increased future opportunities,” said Dairy Farm Group chief executive Ian Mcaleod.
RRHi chairman Lance Gokongwei, for his part, said: “We see our partnership with Dairy Farm as a prime avenue to further enhance and widen the scope of modern retail penetration in the country.”
RRHI has over 3,500 retail outlets including supermarkets, department stores, drugstores, international fashion and beauty, and specialty coffee shops.
Majority-owned by Jardine Matheson, Hong Kong-listed retail group Dairy Farm runs the food retail brands Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express and Wellcome.