The mega-deal will see Myer buy Premier's clothing brands in exchange for 890 million new shares in Myer worth $863.78 million plus $82 million in cash.
has struck an almost $950 million deal to buy the company behind popular brands Jay Jays, Dotti, Portmans and Just Jeans.The mega deal will see Myer buy the retailers in exchange for 890 million new shares worth $863.78 million.The deal also includes $82 million in cash.
Apparel Brands has 700 stores, while Myer runs 64 retailers including sass & bide stores, Marcs and David Lawrence.The Apparel Brands clothing vision comprises Jay Jays, Dotti, Portmans, Just Jeans and Jacqui E.Premier Investments will retain ownership over its other retail brands Peter Alexander and Smiggle.Lews will also join the board of Myer as non-executive director following the completion of the deal.
"Myer and our Apparel Brands will be stronger together – delivering vertical integration, scale, additional margins and loyalty opportunities.
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