Currys gets green light for sale of Greek business

8th Mar 2024 07:02

(Sharecast News) - Currys said regulators had approved the sale of its Greek and Cypriot retail business Kotsovolos to Public Power Corporation for an enterprise value of €200m (£175m).

The UK electrical retailer said it expected to get around £156m net from the deal and use the cash to pay down debt. Currys is currently fending off bids from private equity predator Elliott, which reportedly last week made a second £800m bid for the troubled business having had an initial £700m offer rebuffed.

JD.com, the Chinese e-commerce giant, last month said was at the early stages of considering an offer. UK takeover authorities have given it and Elliott until mid-March to lodge binding offers for the retailer or walk away.

Reporting by Frank Prenesti for Sharecast.com