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Poundland Buy The 99p Store

06/02/2015

“They paid more than 99p… rofl lol!!”

Poundland Buy The 99p Store

In all seriousness though, talk about a merger that wipes out the competition. Poundland are set to buy the 99p store for £55m – and it’s not just not in exchange for a ridiculous amount of Moam Pinballs. They’ll get 251 99p Store branches, which produces a tidy £370m every year.

Poundland will pay £47.5m in cash and there will be £7.5m in new Poundland shares. Jim McCarthy, chief executive of Poundland, said, “This is a good deal for both businesses and will benefit customers and shareholders.”

The deal still needs to be given the thumbs up by the folks at the Competition and Markets Authority. 

By Billy Sexton, Editor, AllAboutFinanceCareers.com