Myer Acquires Premier Investments' Apparel Brands in $950 Million Deal

The acquisition will expand Myer's retail footprint to over 780 stores across Australia and New Zealand, pending shareholder approval.

Myer will purchase Premier Investments' clothing division, including brands like Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E.
The deal involves issuing 890 million new shares of Myer, valued at $863.78 million, plus an additional $82 million in cash.
Solomon Lew, Premier Investments' chairman, will join Myer's board as a non-executive director after the transaction is completed.
The combined entity will employ approximately 17,300 people and aims to leverage vertical integration and scale for growth.
Premier Investments will retain ownership of its Smiggle and Peter Alexander brands, focusing on their local and international expansion.