Agreement with Currys for acquisition of Kotsovolos signed by PPC, for a price corresponding to the value of the business 200 million
The above amount does not take into account borrowings, the company's cash reserves and excluding leases as of IFRS 16.
The net worth, if transfer costs and various other factors are excluded, is estimated to be approx 179 million.
The agreement to acquire Kotsovolos is for PPC a strategic transformation move, in a market that is changing globally, as the era of energy transition and new electrification creates a whole new world of solutions for households and businesses, the relevant announcement states. With the acquisition of Kotsovolos, PPC is progressing even faster in its transformation into an integrated provider of products and services.
Η Kotsovolos is a very strong and beloved brand in the Greek market, emphasizes PPC. The company has 95 stores in Greece and Cyprus, of which 27 megastores. In addition to the extensive network of physical stores, Kotsovolos has an integrated, nationwide supply chain network with its own warehouses, a privately owned fleet of vehicles and a large network of partners for installations of the devices. It has a multi-channel (omnichannel) sales network which, in addition to physical stores, includes call center and a successful one e-shop (kotsovolos.gr).
For financial use 1.5.2022 – 29.4.2023, Kotsovolos had turnover € 733 million, presenting increase by 12% in relation to 2022, the EBITDA formed in € 49 million (based on IFRS 16) and bank borrowing was almost nil. The above results produced in the context of the successful management of Kotsovolos create positive expectations for the figures of the next financial year.
Its President and CEO DEH, Mr. Georgios Stassis, stated:
PPC intends to finance the acquisition through equity.
It is noted that the acquisition of Kotsovolos will bring savings of approx € 100 million. which, according to the investment plan, was intended for the creation of a logistics network and transport infrastructure as well as IT systems for their management.
Completion of the acquisition is expected to occur within the first quarter of 2024 and is subject to customary regulatory approvals for such transactions, including shareholder approval in AGM of Currys plc as well as either the European Commission or the Hellenic Competition Commission (conditions precedent).
Η PricewaterhouseCoopers Business Solutions SA (PwC) acts as financial advisor and the law firm V. Vyzas – G. Katrinakis, as PPC's legal advisor in the context of the acquisition.
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