Currys has entered an agreement to sell its Greek business, Kotsovolos, to Greek electricity supplier Public Power Corporation (PPC) as it aims to strengthen its balance sheet and focus on the UK, Ireland and Nordic markets.
The deal is valued at €200m (£175m) on a debt-free, cash-free basis, excluding lease liabilities, and is expected to be completed by the first quarter of 2024.
Currys said it aims to simplify the group’s structure with the sale, “enabling it to focus on its larger markets of the UK and Ireland and Nordics, while simultaneously strengthening Currys’ balance sheet, increasing flexibility to invest and grow the business and improve shareholder returns”.
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