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Currys PLC on Friday said it has struck a deal to sell Dixons South East Europe, the holding company of its Greece and Cyprus retail business, which trades as Kotsovolos. Shares in Currys were trading 5.2% higher at 48.36 pence each in London on Friday morning. The London-based consumer electronics retailer said the unit will be sold to Public Power Corp SA for €200 million, or £175 million, on a debt-free, cash-free basis. It will exclude lease liabilities. ‘The disposal will simplify the group’s structure enabling it to focus on its larger markets of the UK & Ireland and Nordics, while simultaneously strengthening Currys’ balance sheet, increasing flexibility to invest and grow the business and improve shareholder returns,’ the firm said. Currys added that it plans to use the proceeds to cut net debt and will also look to enter into discussions with pension trustees for the potential to reduce the pension fund’s accounting net deficit and required future contributions. It expects to seal the sale in the first quarter of 2024, subject to shareholder approval and clearance from the European Commission or the Hellenic Competition Commission. Chief Executive Officer Alex Baldock 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.’ Currys will publish its interim results on December 14. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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