Nick Scali “Eager” To Buy Steinhoff Asia Pacific
Recent reports reveal Nick Scali Furniture is “eager” to purchase Steinhoff International’s local operations, on the occasion the retail conglomerate goes up for sale. The news comes after Steinhoff expressed interest in acquiring Nick Scali several years prior.
The news follows previous reports which claimed Steinhoff Asia Pacific was eyeing an IPO, with the intention to list on the ASX later this year.
According to The Australian, sources confirm Nick Scali Furniture is eager to buy Steinhoff’s local arm – news which comes after Managing Director, Anthony Scali, offloaded half of his stake.
With of market value of ~$562 million, Nick Scali Furniture will likely require the assistance of its Chinese partners to finalise the sale of Steinhoff Asia Pacific – a deal reportedly worth around $1 billion.
Sources claim Mr Scali reduced his 27% stake in the furniture retailer, in a bid to enable Nick Scali Furniture to consider the acquisition of Steinhoff’s local division.
Mr Scali is reportedly left with a 13.6% stake in his organisation, following the sale of shares to Shanghai-listed, Jason Furniture [‘Kuka’].
Steinhoff Asia Pacific is lead by former The Good Guys CEO, Michael Ford, and is the owner of local retailers such as; Freedom Furniture, Fantastic Furniture, Best & Less, Snooze and POCO.
As previously reported, Steinhoff International’s shares have seen a battering in recent months, following revelations of accounting irregularities and an investigation by European regulators.
Retailers such as Harvey Norman have also reportedly expressed interest in the acquisition of Steinhoff Asia Pacific.