“All the conditions precedent to the acquisition have now been met and the acquisition is accordingly unconditional. The acquisition will be accounted for by Lewis with effect from 1 February 2018,” the company said in a statement.

Lewis said the move would enable it to achieve improved economies of scale and provide a platform to penetrate new market sectors through a wider, more exclusive product range.

READ MORE: Lewis Group acquires United Furniture Outlets

It would also diversify its offering by increasing its exposure to cash furniture retailing and provide access to a higher-income customer market segment.

Lewis is a leading credit retailer of household furniture, electrical appliances and home electronics and has been listed on the JSE since 2004.

– African News Agency