South Africa-based Steinhoff, the second-largest furniture retailer in the world, has made a cash offer to buy U.K.-based Home Retail Group for $2.02 billion US cash and stocks, FinancialTimes reported.

South African entrepreneur Christo Wiese — the third-richest man in Africa — owns a 17-percent stake in Steinhoff, making him its largest shareholder. Wiese has a net worth of $6 billion and Steinhoff is his largest asset, according to Forbes.

Home Retail is a leading home and general merchandise retailer in the U.K., and owns Argos, Homebase and Habitat.

Steinhoff’s offer has created a bidding war with J Sainsbury, the second largest chain of supermarkets in the U.K., which made an earlier, lower offer to acquire Home Retail, FinancialTimes reported. Steinhoff’s offer is about 10 percent higher than Sainsbury’s

Steinhoff is known to some in the furniture industry as “Africa’s Ikea.” It employs about 90,000 people and sells furniture under brands such as Harveys in the U.K. Steinhoff has bought manufacturers and retail outlets including France’s Conforama.

Steinhoff makes most of its products in developing countries, and sells its furniture across Europe, BBC reported.

In 2015, Steinhoff moved its primary stock exchange listing from Johannesburg to Frankfurt in an effort to increase awareness among European investors, FinancialTimes reported.

Wiese has had his eye on the U.K., Forbes reported. In 2015, he acquired British fashion retailer New Look for $1.23 billion and gym chain Virgin Active for $1 billion.

The bid for Home Retail is Wiese’s latest move into the U.K., TheGuardian reported. He already owns a majority stake in U.K. grocery chain Iceland.

In a year when many moguls in Africa saw their fortunes shrink, Wiese’s grew, Forbes reported. His net worth increased $1 billion-plus in the last year. In February 2015, Steinhoff agreed to buy clothing and footwear seller, Pepkor — another firm in which he held stakes — for $5.7 billion in cash and stock.

The merger with Pepkor gave Steinhoff a foothold in 30 countries with 6,500 stores. The business includes furniture chains in Africa, Australia and France, Italy and Spain as well as cut-price chain Pepco in Poland, Pep in Africa and Best&Less in Australia, according to Forbes.

Wiese’s other investments include 15 percent of publicly traded Shoprite Holdings, which has supermarkets, furniture stores and fast food outlets in 15 countries in Africa; stakes in private equity firm Brait; industrial products company Invicta Holdings; and mining-sector investor Pallinghurst, Forbes reported.