Dixons ups stake in Greek retailer
Offer for remaining shares in Kotsovolos
Dixons is set to increase its stake in Kotsovolos, the leading electricals retailer in Greece, to 80 per cent.
Following EU clearance, Dixons has completed the acquisition of 38.7 per cent of Kotsovolos shares. The €53.7m deal, announced in June takes Dixons stake to more than 52 per cent.
In addition, the UK retail group said that it has also spent €22m to acquire 15.9 per cent of shares on the open market. Under Greek law Dixons must now make a mandatory public tender for the remaining shares, which it said it will do later this month.
Greek retail group Fourlis holds the final 20 per cent stake in Kotsovolos, which Dixons has the right to acquire after five years, and Fourlis can sell to Dixons in two equal tranches after two and four years.
Kotsovolos trades in Greece under the Kotsovolos, Radio Athinai and One Way brands, with Dixons seeing the acquisition as a complementary business with growth potential.
