Mr Price Group Limited

Transaction overview

Mr Price Group has entered into an agreement with an entity owned by funds managed by TDR Capital LLP for the acquisition of 100% of the issued share capital in NKD, one of the leading European value apparel retailers. The total base purchase consideration is €453 million (approximately R9.00 billion). The maximum value payable inclusive of the escalation amount is €487 million (approximately R9.66 billion). The enterprise value is €500 million (approximately R9.92 billion).

This transformative transaction represents a pivotal step in Mr Price Group's strategic expansion beyond the Southern Africa borders. With over 2,108 stores, NKD is a German-based European value apparel retailer of significant scale. The current setup of NKD offers an excellent foundation for broader penetration into other markets, especially in Southern as well as Central and Eastern Europe.

NKD represents an opportunity that is strategically aligned with the Mr Price Group. It is a high performing value-focused business with a strong track record and has a skilled and committed management team who know the local market intimately.

Investec’s deep M&A expertise within the consumer & retail sector – with teams on the ground both in South Africa and Germany - together with its longstanding relationships across the relevant stakeholders, played a critical role in executing this cross-border transaction swiftly.

"We are proud to have supported Mr Price Group in this transformative cross-border acquisition. By combining the expertise of our South African and German teams, we were able to offer integrated, on-the-ground advisory across both jurisdictions. Our strong retail sector insight and relationships in Europe played a critical role in delivering a successful transaction, requiring a local presence in the markets involved in the transaction. We’re proud to have brought a coordinated, cross-border advisory effort, supporting Mr Price Group in achieving its strategic objectives" - Marc Ackermann, Head – Investment Banking, South Africa and Jürgen Schwarz, Managing Partner – Investment Banking Germany

About Mr Price Group

Mr Price Group is a JSE-listed, omnichannel apparel and homeware retailer and a market leader in fashion value retail across Southern Africa. The Mr Price Group operates more than 3,100 stores across nine trading divisions and has a market capitalisation of approximately R56.5 billion (as at 9 December 2025).

Mr Price Group’s portfolio comprises a diversified set of retail brands, including:

• Mr Price (apparel, footwear & accessories)
• Mr Price Home
• Mr Price Sport
• Miladys
• Sheet Street
• Power Fashion
• Studio 88 Group
• Yuppiechef
• MRP Money

Through this diversified portfolio, Mr Price Group serves a broad spectrum of consumer needs; from affordable fashion and sportswear to homeware and financial services - making it one of South Africa’s leading value-retail groups.

About NKD 

NKD is a German-headquartered value apparel and textile discounter operating across multiple European markets. Founded in 1962, with headquarters in Bindlach, Germany, it operates a large store network with around 2,108 stores (as at 30 June 2025) located predominantly in Germany, but also in Austria, Italy, Slovenia, Czech Republic, Croatia and Poland.

NKD has a clearly differentiated value positioning, targeting quality and price-conscious customers, with a predominantly private label range offering that serves the whole family and carries minimal fashion risk.