27th Sep 2013 06:27
LONDON (Alliance News) - Having completed consultations with the relevant works councils, Electricals retailer Dixons Retail Plc (DXNS.L) reported signing an agreement for the sale of PIXmania S.A.S to mutares A.G, a German listed industrial holding company. According to its purchase of PIXmania, mutares has developed a robust plan to build on PIXmania's pure play e-commerce operations and to further develop its software platform. To support this plan, and to provide ongoing funding for PIXmania, Dixons Retail would provide around 59 million pounds, or 69 million euros of ring-fenced capital.
For the year to April 2013, the assets being disposed of generated retail operating losses of 31.3 million pounds and pre-tax losses of 114.3 million pounds on turnover of 397.7 million pounds and gross assets of 48.0 million pounds.
The transaction, which may close at the December 2013 end, is expected to be accretive to underlying earnings for Dixons Retail in the current fiscal year.
Copyright RTT News/dpa-AFX
Related Shares:
DXNS.L