Myer’s acquisition of a portfolio of brands owned by retail billionaire Solomon Lew’s Premier Investments is expected to sign this week, Street Talk can reveal. The decision to ink the $1 billion merger was made at a board meeting on Monday, sources said.
The transaction – which is technically an acquisition by Myer but will really be a merger between the department store giant and Premier’s apparel business – should hand Lew personally about 30 per cent control of the enlarged group, and his own seat on the board.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
