Takeover target Currys says Greek disposal will complete in April
Reuters
Published Mar 08, 2024 07:41
LONDON (Reuters) - Currys (LON:CURY), the British electricals retailer at the centre of a potential takeover battle, said on Friday a deal to sell its Greek unit would complete in the first half of April after it was given the go-ahead by authorities there.
Public Power Corporation S.A. was cleared by Greece's competition regulator to buy Currys' Kotsovolos unit, the British retailer said.
Net cash proceeds would were expected to come in at 156 million pounds ($200 million), Currys added, saying the payment would be used to reduce debt. The deal was first announced in November for an enterprise value of 175 million pounds.
Currys in February rejected a 757 million pound bid from U.S. investor Elliott Advisors, but has yet to hear from Chinese suitor JD.com which has also expressed its interest.
The UK regulator has set March 16 and March 18 as deadlines for Elliott and JD.com respectively to make a firm offer for Currys or walk away.
($1 = 0.7809 pounds)
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Written By: Reuters
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