Public Power Corp. (PPC), Greece’s dominant power utility, on Wednesday announced the successful conclusion of an agreement to purchase the Kotsovolos electric and appliance department store chain in the country from UK-based Currys.
The deal marks the ATHEX-listed and state-run utility’s significant foray into the retail sector, mirroring the business plan followed by telecoms provider Cosmote, which purchased the Germanos electronics goods chain nearly two decades ago.
The retailer began as a sole owner-run outlet in central Athens in the early 1950s, before being bought out by advertising executive Marinos Paravalos over the 1979-80 period.
On the back of its return-to-profitability results for 2023 and a proposal for a 0.25-euro per share dividend to shareholders, coming less than five years after flirting with insolvency, PPC’s business plan eyes the retail outlets as consumer service points, offering both services and goods.
The purchase comes after PPC purchased Enel’s activities in Romania last year.
With an emphasis on energy-related investments in Greece and abroad and a “green transition”, PPC’s board has referred to a EBITDA goal of three billion euros by 2030. EBITDA for FY2023 reached 1.5 billion euros.
