“Kotsovolos” develops into a “variegated bride”
Dimitra Manifava
“Kotsovolos” is developing into a “multi-faceted bride”, as a few days before the first phase of the process for its sale is completed, the nomenclature for the “suitors” is being intensified. Of course, it remains to be seen in the next period whether all those appearing as interested parties will formally express their interest to the financial advisor selected for the process, in this case Citigroup, and of course whether the offers that will be submitted in the next phase will satisfy the seller, namely the British group Currys. It is noted that until the beginning of August, those interested should express their initial interest in order to provide more information about “Kotsovolos” to those deemed eligible by the end of September. Although Currys has not officially presented a timetable, the will of the British group is for the process to be “closed” by the end of this year, in order to then decide on its next moves. It is recalled that, although it is the will of Currys to sell 100% of “Kotsovolos”, the scenario of selling a majority block of shares or eventually not selling at all should not be ruled out if no offer is deemed sufficient by the chain's current owners.< /p>
Chains of electronic devices, telecommunications and funds, among the alleged claimants of “Kotsovolos”.
At this stage, however, only the “Plaisio Computers” chain has publicly expressed interest. From the day Currys announced its intention to sell “Kotsovolos”, the response, albeit unofficially, from the management of “Plaisio” was affirmative, while a few weeks later its managing director Mr. Konstantinos Gerardos was also appointed publicly. “We must necessarily be in the conversation. It is impossible not to be in it. We are now three players in the market. Well, saying “we don't care, we don't want to say anything” is something that cannot apply. We have to be in,” he said on July 12, adding that he was in the process of finding a consultant to participate in the expression of interest process.
One of the first companies for which there was a strong rumor of participation in the competition is Quest Participations, as the company has a retail presence through stores for the sale of technology products of specific manufacturers (Apple, Xiaomi), while it has the distribution of Gree, Toyotomi air conditioners and also the distribution of the Singer, Izola and Kerosun brands, after the acquisition of G. E. Dimitriou. It also maintains the online store you.gr. If anything, it is considered that the acquisition of “Kotsovolos” and the network of 95 stores in Greece and Cyprus would create great synergies for the group. However, sources from the company point out that they are evaluating the possibility of acquiring “Kotsovolos”, without however having decided their next moves.
Market factors and analysts include even the Cosmote group among the possible interested parties, which already has a presence in retail – but with an emphasis on the category of telephony products – through the network of “Germanos” stores, which in 2022 will amount to 263. As in the case of PPC, so in the case of OTE, the market maintains that the financing such an acquisition would not be particularly difficult given the group's strong position and size. On the retail side, market analysts estimate that there would be interest in “Kotsovolos” and the Fairfax fund, which is active in Greece in the category through Praktiker, with the latter strengthening its presence in electrical appliances.
