Currys has completed the sale of its Greek business Kotsovolos to electricity supplier Public Power Corporation (PPC) following regulatory approval.
The electricals giant said PPC had received “unconditional approval” from the Hellenic Competition Commission to purchase Dixons South East Europe, the holding company of its Greek business.
The transaction is worth £175m, adjusted to include lease liabilities, and will be completed in the first half of April.
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Net cash proceeds of the disposal are expected to be approximately £156m and will be used to pay down Currys’ debts.
The retailer’s chief executive Alex Baldock said at the time the arrangement was first announced: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders. It recognises Kotsovolos’ value and accelerates its realisation.”
“As a group, we’re focused on maintaining our encouraging momentum in the UK & Ireland and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both”.
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