Announcement – Regulated information
April 10, 2024
PPC announces the completion of the acquisition of Kotsovolos from Currys plc through which, it significantly accelerates its transformation to an integrated provider of products and services in the retail market.
The acquisition was completed for a consideration that corresponds to an Enterprise Value of €200m on a debt free, cash free basis and excluding IFRS 16 lease liabilities. The acquisition was completed following the customary for these kinds of transactions, conditions precedent, including the merger control clearance of the Hellenic Competition Commission. PPC financed the acquisition through own funds.
Kotsovolos becoming a part of PPC Group is a strategic move, since it is fully aligned with the customer oriented strategy of the Group according to the business plan announced by the management in Capital Markets Day 2024 in London.
Following the completion of the acquisition of Kotsovolos, PPC Group now includes a popular brand and a wide network of 97 physical stores in Greece and Cyprus, out of which 27 are megastores. In addition to physical stores, PPC Group has also acquired an integrated, nationwide supply chain network with its own warehouses, a privately owned fleet of vehicles and a large network of partners for the installation of appliances. It has also acquired an omnichannel sales network which, in addition to physical stores, includes a call center and a successful e-shop (kotsovolos.gr).
Noteworthily, the acquisition of Kotsovolos results in the saving of ~€100 m. for PPC Group, which was budgeted for the creation of the logistics, delivery, and its ICT infrastructure.
PricewaterhouseCoopers Business Solutions S.A. (PwC) acted as financial advisor and Vizas - Katrinakis and Associates Law Firm as legal advisor to PPC in connection with the acquisition.