Local firm acquires foreign tech retailer

Local firm acquires foreign tech retailer

Local consumer electronics retailer Bimeks announced yesterday it had signed a deal with Dixons Retail, Europe’s second biggest electrical goods retailer, to acquire its Electroworld operations in Turkey for 6 million Turkish Liras.

Bimeks will pay the amount in two equal parts in next two years, according to a written statement issued to the Public Disclosure Platform (KAP). Electroworld has 14 big stores and 18 franchises in 22 provinces across Turkey. 

The whole acquisition process is expected to be finalized by the end of 2013, following approval by the competition board, the statement said. 

Another Turkish company, Esas Holding, had previously owned the 40 percent of Electroworld Turkey, but the company sold its shares to Dixons Retail in July. 

Dixons Retail also said yesterday it had agreed to dispose of its loss-making PIXmania e-commerce business as well as its Turkish operation, Reuters reported. 

Dixons sells another operation

Dixons said it had agreed to sell its ElectroWorld operations in Turkey to Bimeks, also adding that it had received an irrevocable offer from mutares AG., a German listed industrial holding company, to purchase PIXmania, which operates in France and the Czech Republic. The deal will involve Dixons providing 69 million euros of cash to mutares.