(MENAFN) British Poundland announced acquiring rival group 99p Stores for USD84 million in a deal that underlines the nation's booming discount retail sector, The Peninsula Qatar reported.
The group said in a statement that it has agreed to buy the family-owned 99p Stores chain in a deal that involves a cash and shares. Poundland operates a network of more than 600 stores across UK.
"Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's proven know-how and range to 99p Stores," Poundland chief executive said.
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