Retailers Nakumatt and Tuskys confirm merger talks
By David Indeje / September 19, 2017
Nakumatt and Tuskys supermarkets in a joint statement have confirmed ongoing talks on potential options for ‘synergies’, but yet to be finalised.
“We confirm that there have been confidential discussions between the authorised representatives of tuskys and Nakumatt and their advisors at exploring potential options for synergies, co-operation and business integration between the two family owned retailers, including by way of strengthening and streamlining management, acquisition of assets and eventual merger of the entities,” read the statement.
Nakumatt, Kenya’s largest retail chain by number of outlets and Tuskys, the second largest, are however, said, “These confidential discussions are continuing and although the engagement has been positive and good progress has been made, it is important that we acknowledge that a formal agreement is yet to be reached and will be subject to notification and approval by regulators and lenders.”