PPC announced the completion of the acquisition of Kotsovolos by Currys plc, which after this move significantly accelerates its transformation into an integrated provider of products and services in the retail market.
The acquisition was completed for a consideration corresponding to an enterprise value of €200 million, without taking into account borrowings, the company’s cash reserves and excluding leases according to IFRS 16. The acquisition of Kotsovolos was completed after the usual approvals for such transactions from competent authorities, including the approval of the Competition Commission. PPC financed the acquisition through equity.
Kotsovolos joined the PPC group
The inclusion of Kotsovolos in the PPC Group is a strategic move, as it is in full correspondence with the customer-centric strategy drawn up by the Group, according to the business plan announced by the management at Capital Markets Day 2024 in London.
With 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. In addition to the physical stores, the PPC Group 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 device installations. It also now owns an omnichannel sales network which, in addition to physical stores, includes a call center and a successful e-shop (kotsovolos.gr).
In the era of new electrification, the acquisition of Kotsovolos enables PPC 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 the 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.
Savings of 100 million euros
It is noted that the acquisition of Kotsovolos saves the PPC Group approximately €100 million which the Group earmarked for the creation of a logistics network and transport infrastructure as well as IT systems for their management.
The President and CEO of PPC Group, Mr. Georgios Stassis, said: “Our goal at PPC Group is to be the first choice of customers, not out of habit, but because we are the most modern and friendliest company to the environment and consumers. An integrated, customer-centric provider of digital and physical products and services. The inclusion of Kotsovolos in the group, as part of our €9 billion investment plan, brings us much closer to our goal much faster. I want to sincerely thank everyone who has worked hard over the past period to complete the acquisition. Today begins a new relationship with our customers, with the ambition to help them make the most of the benefits of a green energy future and the possibilities created by the era of new electrification.”
PricewaterhouseCoopers Business Solutions SA (PwC) acted as financial advisor and the law firm
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