Discount chain Poundland is to be bought by South African retailer Steinhoff International after agreeing a £597m takeover deal.
Poundland accepted the 222p-a-share bid after rejecting a cash offer from Steinhoff last month for an undisclosed sum.
The company trades as Dealz in Ireland.
Today's deal comes after Steinhoff - which owns UK furniture firm Harveys and Bensons For Beds - recently lost out in a battle with Sainsbury's to buy Argos owner Home Retail Group in March.
It was also outbid for London-listed white goods retailer Darty.
The sale price, which also includes a 2 pence-a-share final dividend on top of the 220 pence-a-share bid, marks around a 40% premium to the value of Poundland's shares in mid-June.
It follows a hefty slump in Poundland's shares over the past year after tough trading and a difficult takeover of rival 99p Stores.
Annual results recently laid bare Poundland's sales woes as underlying pre-tax profits fell 13.5% to £37.8m in the year to March 27, while bottom-line pre-tax profits crashed 83.7% to £5.9m, including converted 99p Stores.
Steinhoff had already built up a 23.6% stake in Poundland in recent weeks as it stepped up its pursuit of the set-price retailer.
Darren Shapland, chairman of Poundland, said the deal gives investors an "opportunity to realise their shareholding at a certain and attractive price".
He said it achieved the share price value targeted under its turnaround plan earlier than could be expected "against a background of increasing economic uncertainty in the UK and a more challenging trading environment".
Poundland has around 18,000 staff across more than 900 stores and is headquartered in Willenhall, near Wolverhampton.
Steinhoff said it had no plans to change the group's head office or employment conditions for staff.
The deal marks an eventful start at the top for Poundland's new boss, Kevin O'Byrne, after he took the reins earlier this month.
The former B&Q UK and Ireland head took over from predecessor Jim McCarthy on July 1, having joined as chief executive-designate in April.
Steinhoff has been determined to expand further across Europe, having tried and failed to gatecrash two deals in recent months.
It is backed by South African retail billionaire Christo Wiese, whose Brait investment group also owns controlling stakes in Virgin Active, New Look and food chain Iceland.
Steinhoff also owns Conforama in France, as well as a number of retailers across Europe, Australasia and Africa.
