Deacons Kenya has entered into a joint venture agreement with Woolworths, in a move by Woolworths to attain better retail control over its products as it continues its pan-African expansion.

The finalised joint-venture – to be known as Woolworths Kenya Proprietary Ltd – will involve Woolworths taking a majority stake, while Deacons will also own a proportion of shares; although both parties have remained secretive about the deal, the exact details of which have not yet been revealed.

“Director of Deacons Kenya wish to inform shareholders that the company on 10th December 2012 entered into a conditional agreement for the sale of its Woolworths retailing business to Woolworth’s Kenya Proprietary limited,” Peter Njoka, Deacons’ Chairman announced.

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