JOHANNESBURG - Furniture retailer Lewis said on Wednesday competition authorities had granted approval for it to acquire United Furniture Outlets.

"All the conditions precedent to the acquisition have now been met and the acquisition is accordingly unconditional. The acquisition will be accounted for by Lewis with effect from 1 February 2018," the company said in a statement.

Lewis said the move would enable it to achieve improved economies of scale and provide a platform to penetrate new market sectors through a wider, more exclusive product range. 

It would also diversify its offering by increasing its exposure to cash furniture retailing and provide access to a higher income customer market segment.

Lewis is a leading credit retailer of household furniture, electrical appliances and home electronics and has been listed on the JSE since 2004.

- African News Agency (ANA)