Walmart-owned retail group Massmart has secured the acquisition of online shopping logistics firm OneCart after announcing in August that it was in talks to buy the company.
“Massmart is pleased to announce that the negotiations have now successfully been concluded and a sale of shares and subscription agreement has been signed whereby the company will, through its wholly owned subsidiary Fresh Food Direct, acquire an equity shareholding ultimately constituting 87.5% of the issued shares in OneCart,” Massmart said in a statement to shareholders.
Lynton Peters, who co-founded OneCart, along with a “minority shareholder” who Massmart did not name, will hold the remaining shares.
OneCart is an FMCG marketplace and logistics platform that partners with retailers in South Africa to offer fast and efficient online sales and home delivery to consumers across the country. The platform provides access to products across the dry grocery, frozen and fresh foods, liquor, baby, health and beauty, household and pet supplies categories, all made available to consumers via a single shopping interface.
“OneCart represents one of the building blocks of our broader e-commerce strategy. This acquisition will allow Massmart to further expand its capabilities in the fast-growing on-demand delivery segment, while continuing to support the independent retailer marketplace model of OneCart,” Massmart said.
The value of the transaction was not disclosed. Massmart owns well-known South African retail brands such as Makro and Game. – © 2021 NewsCentral Media