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Yesterday we asked if South African ecommerce giant Takealot was on the verge of buying out curated design outfit Superbalist. The answer, as it turns out, is a very firm yes. Told you so.
Takealot today confirmed that it has acquired a 100% stake in Superbalist.
According to an official release issued by Takealot, the buyout is aimed at broadening its appeal among millenials.
“We are super excited about the acquisition,” said Takealot CEO Kim Reid. “The millennial generation is deemed to be the most powerful and relevant market on the planet and we have managed to acquire a business run by millennials, focused on millennials. They have a great team and we are going to have fun building the business together”.
That said, the buyout will allow Superbalist to continue functioning as an independent business under its current management team.
“We’re excited to have aligned with a partner that recognises our unique culture and supports our vision and enthusiasm wholeheartedly,” said Superbalist founder Luke Jedeiken.
“Takealot have built an incredible business. We’ve been admirers for a long time and know they are the best partner to help accelerate our growth. We look forward to unlocking the synergies”.
The fact that the acquisition is a 100% takeover takes care of any questions around how the companies would deal with Wantitall’s equity stake in Superbalist.
Funding for the acquisition most likely came from the US$100-million boost Takealot recently got to its war chest.
At this stage, it’s unclear how much the deal is worth, but Ventureburn will update the story as we uncover more details.