Dusseldorf, 20 June 2018 - CECONOMY AG's ("CECONOMY") majority shareholding Media-Saturn-Holding GmbH ("MediaMarktSaturn"), has signed a share purchase agreement to acquire a 15% stake in Russia's leading Consumer Electronics retailer PJSC M.video ("M.video") from a company of Safmar Group ("Safmar").
The purchase price amounts to €258 million (based on current exchange rates) in addition to the transfer of the entire Russian business of MediaMarktSaturn to Safmar. M.video is committed to join the European Retail Alliance and to become the third member next to MediaMarktSaturn and Fnac Darty. Subject to M.video's EBITDA performance compared to agreed targets in the years 2018 and 2019, the purchase price may be reduced by an amount of up to €86m. The purchase price would be subject to further adjustment mechanisms which might result in an increase or reduction of the purchase price. Furthermore, the overall transaction remains subject to certain customary conditions such as regulatory approvals. The closing is expected by September 2018.
The complete press release you will find here.