Mr Price ploughs ahead with controversial R9.7 billion purchase

Mr Price has announced that all the conditions relevant to its acquisition of German-based retailer NKD Group have been fulfilled, leaving only the payment to be completed.

This deal has been met with severe shareholder backlash, with concerns ranging from the cost to NKD’s finances.

However, on Monday, 23 February 2026, Mr Price confirmed that the deal is essentially sealed, with all conditions now fulfilled.

This means the transaction has become unconditional, subject only to the condition precedent of the payment of the purchase consideration.

Mr Price said the scheduled closing date for the deal is 31 March 2026, with an investor presentation set to be held on 17 March 2026.

The retailer first announced this deal in December 2025, when it informed shareholders of plans to buy 100% of Pegasus Group Holdings, NKD’s retail unit, for around R9.7 billion.

NKD is a retail group headquartered in Germany with over 2,000 stores across Central and Eastern Europe, spanning Germany, Austria, Italy, Croatia, Slovenia, the Czech Republic, and Poland.

Mr Price’s acquisition of this retailer would, therefore, signify its expansion into Europe, a historically challenging market for South African retailers.

On announcing this deal, Mr Price was immediately punished by shareholders, with the retailer’s share price plunging on the day. Its share price is currently down more than 26% over the past year.

Major Mr Price shareholders have also written letters to the retailer’s management urging them to reconsider the deal and provide shareholders with more details regarding their rationale for the acquisition.

One Mr Price shareholder, Benguela Global Fund Managers, went so far as to take the matter to the JSE, requesting that the exchange reclassify the transaction as a Category 1 transaction, which would require shareholder approval.

It should be noted that the JSE rejected this request, with the matter now before the Financial Services Tribunal.

However, despite this backlash, Mr Price has stuck to its guns, with the deal now as good as done.

Mr Price previously told Daily Investor that it had signed the acquisition agreements and is contractually obliged to comply with the terms thereof.