LONDON, UK: Currys plc has officially confirmed an agreement to sell Dixons South East Europe A.E.V.E., the company responsible for Currys’ retail operations in Greece and Cyprus under the name Kotsovolos, to Public Power Corporation S.A. (PPC) for an enterprise value of €200 million (£175 million).
This sale comes after a strategic review announced in June 2023.
The Currys board of directors believes that this transaction aligns with their strategic goals and will benefit shareholders. The disposal will simplify the company’s structure, allowing it to concentrate on larger markets such as the UK & Ireland and Nordics, strengthen the balance sheet, increase flexibility for business growth, and enhance shareholder returns.
Key transaction highlights include:
- An enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million) as of April 29, 2023.
- Net cash proceeds of the disposal are expected to be approximately £156 million (€179 million) at completion.
- The Board plans to use the proceeds to reduce net debt and explore potential actions regarding the pension fund’s accounting net deficit.
The Disposal has received unanimous approval from the Board and is expected to complete in the first quarter of 2024, subject to various conditions, including approval by shareholders and regulatory clearances.
Alex Baldock, Currys Chief Executive, expressed his approval of the transaction, acknowledging it as a positive outcome for Currys and its shareholders. Baldock emphasized the company’s focus on maintaining momentum in the UK&I and revitalizing the Nordics, citing this disposal as a step to further strengthen their position in these markets.
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