DEI announces an agreement for the acquisition of Kotsovolos in exchange for an enterprise value of €200 million, noting, among other things, that the acquisition of Kotsovolos will result in saving approximately €100 million, which, according to the investment plan, was intended for the creation of a logistics and transportation infrastructure network, as well as information systems for their management.

The agreement with Currys plc for the acquisition of Kotsovolos represents a strategic transformation move for DEI in a globally changing market, as the era of energy transition and new electrification creates an entirely new world of solutions for households and businesses. With the acquisition of Kotsovolos, DEI is advancing even faster in its transformation into a comprehensive provider of products and services," emphasized in the relevant announcement.

Kotsovolos operates 95 stores in Greece and Cyprus, including 27 megastores. In addition to its extensive network of physical stores, Kotsovolos has a nationwide supply chain network with its own warehouses, a fleet of owned vehicles, and a large network of partners for appliance installations. It has a multi-channel sales network that includes not only physical stores but also a call center and a successful e-shop (kotsovolos.gr).

Savings €100 MILLION

The same announcement notes that "the acquisition of Kotsovolos will result in a saving of approximately €100 million, which, according to the investment plan, was intended for the creation of a logistics network and transportation infrastructure, as well as information systems for their management. The completion of the acquisition is expected to take place within the first quarter of 2024 and is subject to the customary approvals from the competent authorities, including approval from the shareholders at the General Assembly of Currys plc and either the European Commission or the Hellenic Competition Commission (conditions precedent)".

The President and CEO of DEI, Georgios Stassis, stated: "With the completion of the agreement, DEI will be a different company: A comprehensive, customer-centric provider of products and services at both digital and physical levels. The acquisition of Kotsovolos, as part of our €9 billion investment plan, significantly accelerates the implementation of our operational plan, which is based on three pillars: green development, digitalization of all operations, and customer-centricity."

Advisors

PricewaterhouseCoopers Business Solutions S.A. (PwC) acts as the financial advisor and the law firm V. Vyzas - G. Katrinakis, serves as the legal advisor to DEI (Public Power Corporation) in the context of the acquisition.