British electrical retailer Currys has entered an agreement to divest Dixons South East Europe to energy company the Public Power Corporation (PPC).

Dixons South East Europe is the holding company of Currys’ retail business in Greece and Cyprus.

PPC will acquire the business, which trades as Kotsovolos, for an enterprise value of €200m ($214.53m) on a debt-free, cash-free basis.

Kotsovolos is a technology retailer in Greece and Cyprus, offering a diverse range of products including audio and visual, domestic appliances, mobile and air conditioning and computing.

The omnichannel retailer operates through 95 stores, as well online channels, and generated £637m ($790m) in revenues in the financial year 2022 to 2023.

The agreement comes after Currys initiated a strategic review of the business in June 2023.

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By GlobalData

The divestiture will enable the company to focus on its larger markets: the UK, Ireland and the Nordics.

It will also strengthen Currys’ balance sheet and increase flexibility to improve shareholder returns.

The transaction is subject to shareholders’ approval and customary closing conditions from the European Commission and others.

It is expected to close in the first quarter of 2024.

Currys chief executive Alex Baldock stated: “This proposed sale of Kotsovolos is an excellent outcome for Currys and for our shareholders. It recognises Kotsovolos’s value and accelerates its realisation. As a group, we’re focused on maintaining our encouraging momentum in the UK&I [United Kingdom 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.”