Pepkor to combine Flash with Shop2Shop, eyes future listing for new fintech unit

South African retailer Pepkor Holdings said on Wednesday it will combine its fintech subsidiary Flash with payments platform Shop2Shop in a deal valuing the merged business at around R21.3-billion. The transaction will give Pepkor a controlling 57.1% stake in the combined business, FintechCo, through a R1.57-billion cash subscription for new Shop2Shop shares and by contributing its entire shareholding in Flash, valued at R10.6-billion, the clothing retailer said in a statement.

Raccontata daengineeringnews.co.zabusinessday.co.zaitweb.co.zaiol.co.zaitnewsafrica.comafrica.businessinsider.com