Business
Approval received for disposal of Kotsovolos
Approval received for disposal of Kotsovolos.
About this update from Currys Plc
[{"type":"text","content":"\n\n\nApproval received for disposal of Kotsovolos\nWe Help Everyone Enjoy Amazing Technology\nCurrys plc is pleased to announce that Public Power Corporation S.A. has received unconditional approval from the Hellenic Competition Commission for the purchase of Dixons South East Europe A.E.V.E., the holding company of Currys' entire Greece and Cyprus retail business, trading as Kotsovolos.\nThe enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million), implies a multiple of 6x adjusted EBITDA of €49 million (£43 million) and 14x adjusted EBIT of €21 million (£18 million) for the 52 weeks ended 29 April 2023.\nThe transaction is expected to complete in the first half of April. Net cash proceeds of the disposal, after taking into account transaction and separation costs, intercompany balances and cash in the business, are expected to be approximately £156 million (€179 million).\nIn the near term, it is the Board's intention to use proceeds to reduce net debt and the Group expects to finish the year with a healthy net cash balance.\n\n\n \nNext scheduled announcement\nThe Group is scheduled to publish a pre-close full year trading update on Tuesday 14 May 2024.\nFor further information\n\n\n\n\nDan Homan\n\n\nInvestor Relations\n\n\n+44 (0)7401 400442\n\n\n\n\nToby Bates\n\n\nCorporate Communications\n\n\n+44 (0)7841 037946\n\n\n\n\nTim Danaher\n\n\nBrunswick Group\n\n\n+44 (0)2074 045959\n\n\n\n\nInformation on Currys plc is available at www.currysplc.com \nFollow us on LinkedIn: @currysplc\nFollow us on X (formerly Twitter): @currysplc\n \nAbout Currys plc\nCurrys plc is a leading omnichannel retailer of technology products and services, operating online and through 815 stores in 8 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.\nIn the UK & Ireland we trade as Currys; in the Nordics under the Elkjøp brand and as Kotsovolos in Greece. In each of these markets we are the market leader, employing almost 28,000 capable and committed colleagues. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. The Group's operations include state-of-the-art repair facilities in Newark, UK, a sourcing office in Hong Kong and ...