The Sonae group continues to expand across the African continent, this time via a reported new acquisition in Mozambique.
According to media reports, the group has acquired the ‘Extra’ supermarket banner in the sub-Saharan country, through investment vehicle S2 Africa (a 30:70 joint venture between the Sonae Distribuição unit and UK-based fund Satya Capital).
Extra, owned by Pick n Pay until 2013, operates 25 low-cost supermarkets in the country. No financial details of the deal were disclosed.
Sonae already has a presence in Mozambique, having launched a non-food banner in the country last year.