Approval received for disposal of Kotsovolos

Currys PLC

08 March 2024

 

Approval received for disposal of Kotsovolos

We Help Everyone Enjoy Amazing Technology

Currys plc is pleased to announce that Public Power Corporation S.A. has received unconditional approval from the Hellenic Competition Commission for the purchase of Dixons South East Europe A.E.V.E., the holding company of Currys' entire Greece and Cyprus retail business, trading as Kotsovolos.

The enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million), implies a multiple of 6x adjusted EBITDA of €49 million (£43 million) and 14x adjusted EBIT of €21 million (£18 million) for the 52 weeks ended 29 April 2023.

The transaction is expected to complete in the first half of April. Net cash proceeds of the disposal, after taking into account transaction and separation costs, intercompany balances and cash in the business, are expected to be approximately £156 million (€179 million).

In the near term, it is the Board's intention to use proceeds to reduce net debt and the Group expects to finish the year with a healthy net cash balance.

Next scheduled announcement

The Group is scheduled to publish a pre-close full year trading update on Tuesday 14 May 2024.

For further information

Dan Homan	Investor Relations	[phone]
Toby Bates	Corporate Communications	[phone]
Tim Danaher	Brunswick Group	[phone]

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About Currys plc

Currys plc is a leading omnichannel retailer of technology products and services, operating online and through 815 stores in 8 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.

In the UK & Ireland we trade as Currys; in the Nordics under the Elkjøp brand and as Kotsovolos in Greece. In each of these markets we are the market leader, employing almost 28,000 capable and committed colleagues. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. The Group's operations include state-of-the-art repair facilities in Newark, UK, a sourcing office in Hong Kong and an extensive distribution network, enabling fast and efficient delivery to stores and homes.

Our vision, We Help Everyone Enjoy Amazing Technology, has a powerful social purpose at its heart. We believe in the power of technology to improve lives, help people stay connected, productive, healthy, and entertained. We're here to help everyone enjoy those benefits and with our scale and expertise, we are uniquely placed to do so.

We're a leader in giving technology a longer life through repair, recycling and reuse. We're reducing our impact on the environment in our operations and our wider value chain and we will achieve net zero emissions by 2040. We offer customers products that help them save energy, reduce waste and save water, and we partner with charitable organisations to bring the benefits of amazing technology to those who might otherwise be excluded.

Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Currys plc website, LinkedIn or the X (formerly Twitter) feed does not form part of this announcement and should not be relied on as such.

 

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