The acquisition of the “Kotsovolos” company, as announced by PPC, is a fact.
The PPC announcement states the following:
«PPC announces that it has signed an agreement with Currys plc for the acquisition of Kotsovolos for a consideration corresponding to an enterprise value of €200 million.without taking into account borrowings, the company’s cash reserves and excluding leases according to IFRS 16.
The agreement for the acquisition of Kotsovolos is a strategic transformation move for PPCin 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. With the acquisition of Kotsovolos, PPC is progressing even faster in its transformation into an integrated provider of products and services.
Kotsovolos is a very strong and beloved brand in the Greek market. The company has 95 stores in Greece and Cyprus, of which 27 are megastores. In addition to the extensive network of physical stores, Kotsovolos has an integrated, nationwide supply chain network with its own warehouses, privately owned fleet of vehicles and a large network of partners for installations of the devices. It has an omnichannel sales network which, in addition to physical stores, includes a call center and a successful e-shop (kotsovolos.gr).
For the financial year 1.5.2022 – 29.4.2023, Kotsovolos had a turnover of €733 million, showing an increase of 12% compared to 2022, the EBITDA amounted to €49 million (based on IFRS 16) and the bank lending was almost zero. The above results produced in the context of the successful management of Kotsovolos create positive expectations for the figures of the next financial year.
The President and CEO of PPC, Mr. Georgios Stassis, stated: “With the completion of the agreement, PPC will be another company: An integrated, customer-centric provider of products and services on a digital and physical level. The acquisition of Kotsovolos, as part of our €9 billion investment plan, significantly accelerates the implementation of our business plan, which is based on three pillars, green growth, digitization of all operations and customer centricity”.
PPC intends to finance the acquisition through equity.
It is noted that the acquisition of Kotsovolos will bring savings of approximately €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 take place within the first quarter of 2024 and is subject to the usual approvals for such transactions from competent authorities, including the approval of the shareholders at the General Meeting of Currys plc as well as either the European Commission or the Hellenic Competition Commission (conditions precedent).
PricewaterhouseCoopers Business Solutions SA (PwC) acts as financial advisor and the law firm V. Vyzas – G. Katrinakis, as legal advisor to PPC in the context of the acquisition.”
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