Dixons completes deal to merge Unieuro with Marco Polo
Dixons Retail, the owner of Currys and PC World, has completed a transaction to merge its Unieuro business in Italy with Italian electrical retailer Marco Polo.
Under the terms of the agreement, a new entity will be formed which will indirectly own both businesses. Dixons Retail will provide the new retail group with €25 million of cash and will invest up to €10 million. Dixons will own a 15% share in the business while Marco Polo owner Rhone Capital will hold the remaining 85% of the share capital.
The merger will create a combined portfolio of 173 stores comprising wholly-owned stores and a number of franchise partners.
Commenting on the completion of the transaction, Sebastian James, Dixons Retail group chief executive, said: "I'm delighted to have completed this deal, ensuring a sustainable future for both businesses. The combined group has an exciting outlook and I know that it will continue to flourish with an improved geographical spread of stores across Italy. For Dixons, this is the second of three important strategic transactions streamlining our Group. By focusing on markets where we have leading multi-channel operations, we will be able to drive even better value for our customers."
Giancarlo Nicosanti Monterastelli, chief executive of Marco Polo, added: "This transaction is the first stage of a long-term plan to create a leading integrated multi-channel retail group in the Italian electrical market and we are confident that we can now offer improved benefits for customers and suppliers. The complementary channel strategy and store portfolios of the two companies will enable the combined group to attract more customers across Italy and achieve long-term growth."
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