Bain Agrees to Largest South African Buyout

Bain Capital has agreed to acquire listed South African retailer Edgars Consolidated Stores Ltd. (Edcon) for approximately $3.5 billion. The deal is still subject to shareholder and regulatory approvals, and would represent a 51.3% premium to Edcon's closing price on October 16, which is when the company disclosed discussions with private equity firms. If completed, it would be the largest-ever leveraged buyout of a South African company.