Fnac, Unieuro in the sights of the French: the offer of 9 euros for shares of the electronics distribution giant is ready
The French of Fnac Darty they want Unieurothe leading distributor of electronic products and household appliances in Italy, valued at 249 million euros, which it will acquire thanks to the support of its major shareholder, the Czech billionaire Daniel Kretinsky.
Unieurolisted on the Milan Stock Exchange, achieved a turnover of 2.6 billion euros in 2023 and has 5 thousand employees in just over 500 stores, particularly in northern and central Italy. And its largest shareholder, with a share of around 12%, is an old acquaintance of Kretinskythat is, the French financier Xavier Niel through its Italian subsidiary in mobile telephony, Iliad.
It should be noted that the Italian group based in Rimini has not yet made a decision. Fnac Darty would expect to complete the operation, a press release says, by the fourth quarter of 2024. The operation, if it goes ahead, will be conducted together with Ruby Equity Investment company controlled by Daniel Kretinskyestablishing a joint stock company that will control Unieuro 51% owned by Fnac Darty and 49% by Ruby.
The purchase offer consists of 9 euros paid in cash for each share. Unieurotwo thirds of which would be contributed by companies controlled by Daniel Kretinskyand 0.10 shares Fnac Darty newly created, “on the basis of the closing price” of July 15, at 30.20 euros with the issue of approximately 2 million shares prior to this transfer.
The group evaluates Unieuro 12 euros per share, a good premium (about 40%) considering that at the close before the announcement Unieuro shares on Piazza Affari were worth 8.22 euros. Fnac Darty However, it already owns 4.4% of Unieuro’s capital.
Fnac CEO Darty, Henry Martinezhe explained to the agency AFP that the operation would allow us to “diversify, advance our model and bring synergy and added value to our group”. And he welcomed the support of its main shareholder which allows us to aim for this “major acquisition at European level with very limited financial exposure” for the group.
Fnac Darty estimates its net debt will increase to 56 million euros if the deal is completed, which, according to Martinez “does not preclude the possibility of other projects.” The French company, which will publish its first-half results on July 24, confirmed its financial targets and announced revenue of 3.4 billion euros, up 1.4% compared to 2023.
The union between Fnac Darty And Unieuro “it would create a leader in consumer electronics, home appliances, publishing and services in Southern and Western Europe, with over €10 billion in sales, 30,000 employees and more than 1,500 stores. The combined entity would hold the first or second position in its main markets.”
Fnac It also expects synergies “of over 20 million euros, mainly thanks to improved purchasing conditions”, and earnings per share would grow by more than 10% from 2025, including synergies.
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