Currys has completed the sale of its Greek business Kotsovolos after first entering a deal with Greek electricity supplier Public Power Corporation (PPC) in November last year.

Kotsovolos store

Currys has sold its Greek business Kotsovolos

In a statement to the London Stock Exchange, Currys said PPC has received “unconditional approval” from the Hellenic Competition Commission for the purchase of Dixons South East Europe, the holding company of Kotsovolos.

The deal is valued at €200m (£175m), adjusted to include lease liabilities, and the transaction is expected to be complete in the first half of April. 

Net cash proceeds of the disposal are expected to be around €179m (£156m).

At the time an agreement was first reported, Currys chief executive Alex Baldock said: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders. It recognises Kotsovolos’ value and accelerates its realisation.

“As a group, we’re focused on maintaining our encouraging momentum in the UK and Ireland and getting the Nordics back on track; this disposal will further strengthen the foundations on which we do both.

“Kotsovolos is a fine business that we’ve been proud to own. I’d like to thank our Greek colleagues for everything they’ve done for the group and wish them every future success.”