Currys agrees to sell Greek and Cypriot business
The disposal is expected to complete in the first quarter of 2024, subject to approval by shareholders
Currys has announced that it has entered into an agreement to sell its Greek and Cypriot business Kotsovolos for an enterprise value of €200m (£175m).
The deal follows the company’s strategic review which was announced on 16 June 2023 where the company decided that it should offload its Greek and Cypriot business.
The company’s board believes that the deal has “strong strategic rationale” and represents an “attractive outcome” for the company’s shareholders.
The deal will simplify the group’s structure enabling it to focus on its larger markets of the UK and Ireland and Nordics.
The board intends to use the proceeds to reduce net debt and then at the appropriate time enter into discussions with pension trustees regarding the potential to reduce the pension fund’s accounting net deficit and required future contributions.
The disposal is expected to complete in the first quarter of 2024, subject to approval by shareholders.
Alex Baldock, chief executive, said: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders. It recognises Kotsovolos’s value and accelerates its realisation.
“As a group, we’re focused on maintaining our encouraging momentum in the UK&I and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both. Kotsovolos is a fine business that we’ve been proud to own. I’d like to thank our Greek colleagues for everything they’ve done for the group, and wish them every future success.”
