Table of Contents
Key Points
- Ibex sold its final 30.2% stake in Pepkor via an accelerated book-build valued at R28 billion ($1.6 billion).
- The exit marks the last major divestment of Steinhoff’s former assets following a multibillion-euro accounting scandal.
- Christo Wiese, once Steinhoff’s top shareholder, faces a turning point as Ibex closes ties to Pepkor’s retail empire.
Ibex Investment Holdings, formerly Steinhoff International, is offloading its remaining stake in Pepkor Holdings Ltd.—the South African billionaire Christo Wiese-backed retail giant—through a $1.6 billion share sale, effectively closing the chapter on the Markus Jooste accounting fraud between 2011 and 2014, a scandal-plagued period that triggered Steinhoff’s collapse in what became South Africa’s largest corporate fraud.
The 28.48 percent stake, comprising 1.04 billion shares held through its Ainsley subsidiary, is valued at roughly R28 billion ($1.6 billion) and is being sold via an accelerated book-build at R25.45 per share, according to deal terms published Monday. Investor demand surpassed supply within minutes of the launch, reflecting strong market appetite despite broader volatility.
A scandal-scarred retreat from retail empire
Ibex rebranded from Steinhoff in 2023, capping years of painful restructuring after its dramatic collapse in 2017. The downfall began when auditors refused to sign off on its accounts, triggering criminal investigations in South Africa and Europe. A PwC forensic probe later uncovered €6.5 billion ($7.6 billion) in irregular transactions involving eight entities over nearly a decade.
At its peak, Steinhoff was a sprawling global retailer with holdings such as Conforama in France and Mattress Firm in the U.S. In the wake of the scandal, the group spent years dismantling its empire to repay creditors and salvage its reputation.
By June 2025, Ibex’s holding in Pepkor had fallen to 30.2 percent, equivalent to 1,041,708,550 shares, following the placement of 500 million shares—roughly 13.6 percent of Pepkor’s issued share capital. The company has steadily trimmed its stake in recent years as part of efforts to reduce its heavy debt load.Ibex has steadily reduced its stake in Pepkor—owner of low-cost clothing brands Pep and Ackermans—in recent years as part of broader efforts to whittle down its debt pile. The latest sale marks its final exit from its flagship African retail investment.
End of an era for Wiese-linked empire
Pepkor operates a vast network of nearly 6,000 stores across Africa and also sells apparel, footwear, textiles, and accessories in Australia and Eastern Europe. Its roots with Steinhoff trace back to 2014, when billionaire Christo Wiese sold Pepkor to the then high-flying conglomerate in exchange for a 20 percent stake—cementing his role as Steinhoff’s largest shareholder.
The latest divestment marks a symbolic turning point for Wiese, who has spent years clawing back from the Steinhoff scandal that wiped out much of his fortune and embroiled him in prolonged legal battles. While Wiese remains a top player in South Africa’s retail landscape, Ibex’s full exit from Pepkor brings finality to one of the most spectacular corporate collapses in recent memory—closing a bruising chapter and opening the door to renewed investor confidence.
