(Ecofin Agency) - South African furniture group Steinhoff International announced in statement published on July 13, it will buy the UK discount chain Poundland for $794 million.

Poundland’s board unanimously suggested to its shareholders to accept Steinhoff’s offer.

Each of the group’s shareholders should receive 222 pence per share held, or 220 pence plus 2 pence in dividends.

Poundland, which sells most of its products at one sterling pound, operates more than 900 stores in UK, Ireland and Spain, and employs more than 18,000 people.

Steinhoff international owns 40 brands in 30 countries, including Bensons Lits and Harveys in UK and Conforama in France.