The deal is expected to deliver synergies of approximately A$10m an annualised basis‚ to be achieved over four years‚ Woolworths said.
The transaction will be funded through a combination of acquisition debt of A$92m‚ raised from Australian banks with no recourse to South Africa‚ and a renounceable rights issue by Country Road to raise up to A$92m of new equity. Country Road is listed in Australia.
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