The discount retailer Poundland has finally agreed to a GBP 597 million takeover from the South African retail giant Steinhoff. Steinhoff has been trying to expand into Europe and will be adding Poundland to its list of other UK assets such as Bensons for Beds and Harveys. The deal has been in process since March when Poundland at first rejected their offer and instead chose to work with Sainsbury’s. JP Morgan Cazenove and Rothschild were the advisors of the deal. Poundland currently has 900 stores across the UK, Ireland and Spain and employs 18,000 people.
