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Unieuro to acquire Andreoli
Posted on Friday, 19 May 2017 13:38
Unieuro has signed on the dotted line to purchase Italian household appliance retailer Andreoli for EUR 12.20 million.
The consideration will be paid in two instalments, with the first having already taken place as a EUR 3.90 million deposit and the second to follow after completion.
Unieuro will not assume any financial or commercial debts in the company.
Latina-headquartered Andreoli, which has more than 300 employees, includes 21 direct stores mainly located inside shopping malls and the Euronics brand in southern Lazio, Abruzzo and Molise.
Commenting on the deal, Unieuro chief executive Giancarlo Nicosanti Monterastelli said: “The acquisition of the Andreoli stores represents the third largest acquisition in the history of Unieuro and it translates into an immediate 12.0 per cent expansion of our network of direct stores without any significant overlapping.”
Earlier this year, it was reported that the target received a takeover bid worth EUR 11.80 million from Rome-based Nova.
Italian firm Unieuro has around 3,900 staff and posted revenue of more than EUR 1.60 billion in the 12 months ended 28th February 2017.
The group, which previously traded as SGM Distribuzione, has over 460 outlets throughout the country, with its unieuro.it platform billed as the largest omnichannel distributor of consumer electronics and household appliances by number of outlets in Italy.
Unieuro completed its initial public offering last month, raising over EUR 70.00 million in the process.
The company also inked an agreement to snap up Monclick, an Italian online electronic goods and household appliances retailer, from Project Shop Land for around EUR 10.00 million earlier this year.
Completion is expected in the first half of 2017, subject to the go ahead from certain regulatory bodies.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 15 deals targeting household appliance stores announced worldwide since the beginning of 2017, with UK-based AO World’s GBP 50.00 million share placing in April being the largest.