British electrical retailer Curry’s announced the sale of its Greek subsidiary company Kotsovolos – one of the leading electrical and electronics retailers in Greece – to Greek Public Power Corporation S.A. (DEI-PPC), the largest electric power company after the deal was approved by the Hellenic Comptition Commission.
According to Currys’ statement, the acquisition, expected to be officially completed in the first half of April, is valued at 200 million euros and includes lease obligations totaling 97 million euros.
This valuation implies a six-fold adjusted EBITDA of 49 million euros and 14 times the adjusted EBIT of 21 million euros for the 52 weeks ending April 29, 2023.
Net proceeds from the disposal, after considering transaction and separation expenses, intra-company balances, and cash in the business, are expected to be approximately 179 million euros.
Last year the British firm announced it wanted to sell the business which trades as Kotsovolos to help strengthen its balance sheet. Currys took on the business which trades as Kotsovolos in 2021 when it completed its takeover of Dixons Carphone.
Its Greek division had performed well, often surpassing Currys UK’s arm in terms of sales.
The PPC issued the following statement after the approval of the deal: PPC S.A. (“PPC”), following its previous announcement dated 3.11.2023, announced that on 5.3.2024 the Hellenic Competition Commission approved the agreement of PPC with Currys Plc for the acquisition of Kotsovolos (Dixons South- East Europe). Said approval is one more step towards the completion of said acquisition, which is expected to be realized in the first half of April and it will contribute to the acceleration of PPC’s transformation to an integrated provider of products and services.
With the acquisition of Kotsovolos, DEI aims to introduce the “everything as a service” model – a system allowing customers the flexibility to consume and pay-per-use – to the Greek market.
