Deacons Kenya sells remaining 49pc stake in Woolworths to South African firm

NAIROBI: Clothing and household goods retailer, Deacons Kenya Limited, has sold its remaining 49 per cent stake in Woolworths Kenya Limited to South African company, Woolworths Holdings. The deal ends a three year marriage between the two.

Deacons made the announcement on December 17, and declared that the transaction will be completed by December 31. The proceeds of the sale will be received by Deacons on January 31, 2016, and will be invested in new franchises, stores, brands as well as funding its existing operations.