PPC announced that it has concluded the acquisition of Kotsovolos by Currys plc, accelerating its transformation into an integrated provider of products and services in the retail market.
The acquisition was completed for a price corresponding to an enterprise value of 200 million euros, without taking into account loans, cash reserves and excluding leases according to IFRS 16. The acquisition of Kotsovolos was completed after the competent authorities gave their approval, including the approval of the Competition Commission. PPC financed the acquisition through equity.
Upgraded solutions and customer experience
The participation of Kotsovolos in the PPC Group is a strategic move, as it is in line with the customer-centric strategy of the Group, according to the business plan announced by the management at the Capital Markets Day 2024 in London.
Upon the completion of the acquisition of Kotsovolos, PPC Group now has a favorite brand and a wide network of 97 physical stores in Greece and Cyprus, including 27 megastores.
According to PPC, in the era of new electrification, the acquisition of Kotsovolos enables it to immediately build a new relationship with its customers, through an existing and strong network of stores and logistics, while leveraging a leading brand for products around home. At the same time, PPC can focus and immediately develop value-added solutions around its core products, while also having the opportunity to take advantage of additional synergies (installer network, call centers, etc.) to achieve a better customer experience.
The acquisition of Kotsovolos saved the PPC Group approximately 100 million euros, which the Group earmarked for the creation of a logistics network and transport infrastructure as well as IT systems for their management.
