Vodafone buys Aussie retailer Crazy John’s

4 Sep 2008

Thomson Financial reports that Vodafone Australia has acquired a 75% stake in the Australian phone retailer Crazy John’s in a deal valued at between AUD150 million and AUD200 million (USD124.8 million to USD166.4 million). The majority stake in the retail chain, which has around 120 outlets across the country, is being sold by the widow of Crazy John’s founder John Ilhan who died of a suspected heart attack in October last year, aged just 42.

It is understood Vodafone will also buy NAB’s 8.3% stake in the company, leaving the Melbourne-based Smorgan family with a 16.7% holding. The buyout is subject to regulatory approval, including the go ahead from the Foreign Investment Review Board.