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Steinhoff to sell remaining 50% stake in furniture retailer POCO

Steinhoff International Holdings NV announced Sept. 4 that it will sell the remaining 50% stake that it holds, via business unit LiVest GmbH, in discount furniture chain POCO to businessman Andreas Seifert for about €270.7 million.

Under the agreement, POCO will retain its debt of approximately €140 million.

The transaction is part of the settlement in April that ended the German litigation proceedings between the South African retailer and Seifert.

The deal is subject to customary closing conditions, including German and Austrian competition and merger control provisions.