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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pepkor Holdings Limited
Pepkor Holdings Limited (PPH) investor relations material
Pepkor Holdings Limited M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary22 Jul, 2026
Deal rationale and strategic fit
Combines two leading fintech and merchant commerce platforms to create South Africa's preeminent merchant commerce and fintech platform, serving both formal and informal markets with annual throughput exceeding R200 billion.
Leverages complementary strengths in payments, digital products, and business management, supporting merchants transitioning to digital models while maintaining accessibility for cash-based transactions.
Deepens customer and merchant engagement across a retail-powered platform with 32 million known customers, expanding reach across the informal market value chain.
Lays the foundation for a retail-powered consumer platform beyond formal markets, aiming for significant medium-term value creation and future listing.
Builds on a longstanding commercial relationship, unlocking shareholder value and supporting a broader retail and financial services strategy.
Financial terms and conditions
Flash valued at ZAR 10.6 billion and Shop2Shop at ZAR 10.7 billion, resulting in a combined valuation of ZAR 21.3 billion.
Pepkor will acquire a 57.1% controlling stake in the new entity (FintechCo) via a ZAR 1.57 billion cash investment, with Shop2Shop shareholders retaining 42.9%.
The transaction is classified as a Category 2 transaction by the JSE and is initially dilutive for Pepkor in year one but becomes accretive from year two due to high EBITDA growth rates.
Shop2Shop's new share subscription proceeds will be used to settle its debt and other obligations.
IRR expected above 30% base case, and above 40% including synergies, the highest among recent acquisitions.
Synergies and expected cost savings
Significant operational and strategic synergies expected from cross-selling, expanded product offerings, and leveraging combined distribution footprints.
Integration will enable traders to access a broader suite of services, driving higher earnings without proportional cost increases.
Synergies are expected to be fully realized in the second year post-integration.
Value creation opportunities identified through integration of systems, data, and people.
Integrates Shop2Shop’s merchant and payment network with Flash’s VAS and digital product capabilities for greater scale and relevance.
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Latest events from Pepkor Holdings Limited
- Revenue up 9.2%, new bond issue, retail expansion, and strong ESG progress.PPH
Investor presentation - Acquisition creates a diversified, R18bn revenue furniture group with enhanced scale and reach.PPHInvestor presentation
- Acquisition of four retail brands boosts store count and market share amid strong growth.PPHInvestor presentation
- Normalized HEPS up 12.1%, revenue and profit growth driven by acquisitions and digital expansion.PPHH1 2026
- Double-digit growth driven by retail, fintech, and omnichannel expansion, with a digital bank launch ahead.PPHCMD 2026 presentation
- Normalized HEPS up 23.4% on 12% revenue growth, led by fintech and strong retail execution.PPHH2 2025
- Operating profit up 17.4% and fintech revenue surged 27%, supporting a strong outlook.PPHH2 2024
- Revenue up 12.8% and normalised HEPS up 18.9%, led by fintech and retail growth.PPHH1 2025
Next Pepkor Holdings Limited earnings date
H2 202624 Nov, 2026
Pepkor Holdings Limited
Next Pepkor Holdings Limited earnings date
H2 202624 Nov, 2026
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Frequently asked questions
Pepkor Holdings Limited is an investment holding company based in South Africa, operating in the retail sector. A subsidiary of Steinhoff International Holdings NV, Pepkor specializes in the retailing of clothing and general merchandise, including furniture, appliances, electronics, and building materials, along with offering fintech solutions. The company's product portfolio spans across clothing, footwear, textiles, homeware, babywear, cellular products, and school wear, among other items. Pepkor operates under several retail brands such as Tekkie Town, Refinery, Dunns, Shoe City, CODE, and S.P.C.C. Its fintech operations cover value-added and credit services. With a significant presence in South Africa, Pepkor's operations extend to other African countries and Brazil, managing a variety of retail brands that cater predominantly to the discount and value consumer segments. The company is headquartered in Cape Town, Western Cape, South Africa, and its shares are listed on the Johannesburg Stock Exchange.