Takeover target Currys says Greek disposal will complete in April

Public Power SA

08/03/2024 07:31

LONDON, March 8 (Reuters) - Currys  CURY.L , 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.  DEHr.AT  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  9618.HK  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)

 (Reporting by Sarah Young; editing by James Davey)
 ((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))