King & Wood Mallesons (KWM) advised Navis Capital on its agreement to divest its controlling interest in Retail Apparel Group (RAG) to The Foschini Group.
The divestment will see The Foschini Group – a South African listed retailer, acquire 100 per cent of the issued share capital of RAG, valued at approximately $302.5 million.
The KWM team was led by Partners Matthew Coull, Evie Bruce, and Yuen-Yee Cho, supported by Senior Associate Clifford Sandler, Solicitors Nicholas Ferrari, Luke Mulcahy and Kristin Romano, and Graduate Alyce Kliese.
Commenting on the deal, Partner Matthew Coull said: "We were delighted to assist Navis Capital on this transaction. The high level of cohesion between Navis Capital and RAG's management team was a key factor in facilitating the smooth execution of this transaction."
Navis acquired its majority interest in RAG in May 2011. Since then, Navis has supported RAG's management to develop and acquire new brands, expand the store network and drive operational initiatives.
