The founding Ackerman family of South African supermarket chain Pick n Pay has sold 64 million shares, reducing their holding. The deal generated R1.6bn in proceeds through an accelerated bookbuild at R25.50 per share, representing 8.5% of the company’s share capital at a 6.4% discount.

Following the sale, the Ackerman family’s voting interest in Pick n Pay will decrease from 49% to 36.8%. They will no longer hold majority control but remain the retailer’s anchor shareholder, committed to the company’s leadership and growth strategy. The family retains 135.35 million ordinary shares.

The 105.18 million “B” shares attached to the placement will lose their voting rights and be cancelled upon settlement. The placement, executed as a private offering, is expected to settle on the Johannesburg Stock Exchange around 21 November 2025. The family has agreed to a 90-day lock-up period.

Rand Merchant Bank and Morgan Stanley were joint global coordinators, with Rand Merchant Bank also acting as the sponsor. Rothschild & Co and Morado Partners advised the selling shareholder, while DLA Piper Advisory Services and DLA Piper UK served as legal advisors. Bowmans and Milbank advised the joint global coordinators.

Read more at Yahoo Finance: Ackerman family cedes controlling stake in SA retailer Pick n Pay