The founding Ackerman family of South African supermarket chain Pick n Pay has reduced its holding by selling 64 million shares.
The deal generated proceeds of R1.6bn ($93.06m).
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The latest share sale was conducted via an accelerated bookbuild, with the shares priced at R25.50 each.
The placement represents 8.5% of Pick n Pay’s issued ordinary share capital and was completed at a 6.4% discount on 17 November 2025 closing share price.
Following the disposal, the Ackerman family’s voting interest in Pick n Pay will decrease from 49% to 36.8%.
The family will no longer hold majority control but will remain the retailer’s anchor shareholder.
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By GlobalDataThe Ackerman family stated that it “remains fully committed to Pick n Pay, Sean Summers and his leadership team, as well as to the company’s turnaround plan and growth strategy.”
The Ackermans retain 135.35 million ordinary shares.
The 105.18 million “B” shares attached to the placement shares will lose their voting rights upon settlement and will be cancelled by Pick n Pay.
The placement was executed as a private offering to qualifying investors, with settlement on the Johannesburg Stock Exchange expected on or around 21 November 2025.
The family will continue as an anchor shareholder and has agreed to a 90-day lock-up, subject to standard exceptions.
Rand Merchant Bank, a division of FirstRand Bank Limited, and Morgan Stanley were joint global coordinators.
Rand Merchant Bank also acted as the sponsor.
The selling shareholder is advised by Rothschild & Co and Morado Partners.
DLA Piper Advisory Services and DLA Piper UK served as the selling shareholder’s legal advisors.
Bowmans and Milbank act as legal advisors to the joint global coordinators.
