The Athens Stock Exchange is seeing significant gains for the second day in a row, driven by the strong results announced by Alpha Bank and Piraeus Bank, as well as the DEI deal for Kotsovolos.
Specifically, the General Index is up by 0.98% at 1,232 points, with a turnover of 10.2 million euros, while 2.5 million shares have been traded.
The banking index is up 1.3% at 992 points, the high-cap FTSE is showing an increase of 1.05% at 3,013 points, while the mid-cap FTSEM is following with mild gains of 0.45% at 2,009 points.
DEI's stock is trading with strong gains of 2% and a turnover of 1.2 million euros.
In the banks, Piraeus is strengthening by 1.85% with a turnover of 2 million euros. Alpha is recording gains of 0.5% with 1.2 million in turnover. National Bank is experiencing an increase of 1.1%, while Eurobank is up by 0.76%.
Buyers are still focusing on Jumbo, which is moving with gains of 1%, OTE with +1.1%, Mytilineos with +0.1%, TERNA Energy with +1.3%, and Aegean with +0.55%.
On the other hand, OPAP continues to decline slightly today with losses of 0.5% and a turnover of 1.6 million euros following the detachment of the right to the interim dividend yesterday.
In the mid-cap sector, Intrakat is showing gains of 1.7% with a turnover of 150 thousand euros following the rally of over 5%. Intracom is strengthening by 2.5% with a turnover of 220 thousand euros.
Earlier
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."
