Steinhoff International Holdings Ltd. (JSE: SHF) entered into an agreement to acquire 20% stake in PSG Group Ltd. (JSE: PSG) from CH Wiese, Mayfair Speculators (Pty) Limited and Thembeka Capital Limited for ZAR 1.7 billion on December 15, 2011. Under the terms of the transaction, Steinhoff will acquire approximately 36.92 million shares of PSG Group as 3.5 million PSG shares for a consideration ZAR 45.89 per PSG share in cash and approximately 33.42 million PSG shares in exchange of approximately 64.07 million shares of Steinhoff International. Mayfair Speculators will sell 20 million shares in the transaction, representing approximately 10.84% stake in PSG Group. The sale of 3.5 million shares by Mayfair Speculators and CH Wiese's entire holding in PSG was completed on December 15, 2011 pursuant to which CH Wiese ceased to have any stake in PSG while the stake of Mayfair Speculators was reduced to 8.94% The issuance of Steinhoff International shares as consideration to Mayfair will be subject to the passing of a special resolution by shareholders of Steinhoff International. The transaction was unanimously approved by the non-executive directors of Steinhoff. KPMG Services Proprietary Limited acted as accountant to Steinhoff International Holdings Ltd. Investec Corporate Finance acted as financial advisor and Cliffe Dekker Hofmeyr acted as legal advisor to Steinhoff International Holdings Ltd. Steinhoff International Holdings Ltd. (JSE: SHF) completed the acquisition of 20% stake in PSG Group Ltd. (JSE: PSG) from CH Wiese, Mayfair Speculators (Pty) Limited and Thembeka Capital Limited on January 27, 2012. As on January 27, 2012, the special resolution was approved by Steinhoff shareholders by a majority of 81.9% of the total votes.