Shareholders of Premier Investments have overwhelmingly approved the transfer of its Apparel Brands business to Myer Holdings Ltd in an $800 million all-share deal.
The transaction includes the integration of well-known domestic brands, such as Just Jeans and Dotti, along with hundreds of retail outlets into Myer’s operations. Premier shareholders supported the move with 99.84% of votes in favour, according to proxy results lodged with ASX.
Retail billionaire Solomon Lew, who holds a 42% stake in Premier Investments, voted his shares in favour of the deal. Myer shareholders also backed the merger, with more than 95.4% voting in favour during a separate meeting.
As part of the transaction, Lew will become Myer’s largest shareholder, holding approximately 26.8% of the company.
Myer’s executive chair Olivia Wirth said the deal positioned Myer as “a leading retail platform across Australia and New Zealand, with unique strengths, expanded capabilities and scale.”
The transaction represents a significant consolidation in the retail sector, combining Premier’s strong apparel portfolio with Myer’s established department store footprint to create a powerful player in the region.