Irrevocable Offer to Purchase PIXmania

05 Sep 2013

Dixons Retail plc ("Dixons Retail"), Europe's leading specialist multi-channel electrical retailing and services company, today announces that it has received an irrevocable offer from mutares A.G., a German listed industrial holding company, to purchase PIXmania S.A.S.

PIXmania is a European pure-play e-tailer, based in France.  In line with French labour codes, Dixons Retail will enter into a consultation period with PIXmania's Works Councils.  A further announcement will be made following these discussions.

In preparing their irrevocable offer, mutares have developed a robust plan to build on PIXmania's pure play ecommerce operations.  Under the terms of the offer, Dixons would provide approximately €69 million of cash which will be ring-fenced to support mutares' plan and for the ongoing funding of the business.

Commenting on the offer, Sebastian James, Group Chief Executive, said:

"I am a passionate believer that Dixons succeeds where we offer our customers a fully integrated multi-channel proposition and where we are the market leader.  In order to succeed as a pure play e-tailer, PIXmania needs a different kind of entrepreneurial vigour.   I am therefore delighted that we have found a potential solution that offers the prospect of a good future for PIXmania outside the Group.  The mutares Group has a solid track record of improving and turning businesses around as well as experience of doing business in France.  If the transaction progresses, they will acquire PIXmania with a well funded balance sheet and an excellent management team."

Commenting on the offer, Aurélien Fauvel, head of mutares France, said:

"We firmly believe PIXmania has a fundamentally strong business that can achieve long term success in its markets and we look forward to discussing our future plans with the employees and stakeholders."

 

For further information 

David Lloyd-Seed,
IR, PR & Corporate Affairs Director, Dixons Retail
+44 1727 205065

Hannah Collyer,
Head of Media Relations, Dixons Retail
+44 1727 203041

Tom Burns/Helen Smith
Brunswick
+44 20 7404 5959

Susanne Staudt
Investor Relations & Corporate Communications, mutares
+49 89 9292776-0

 

Information about Dixons Retail

Dixons Retail is one of Europe's leading specialist electrical retailing and services groups, employing 35,500 people in 14 countries. More than 100 million customers shop with us every year, online and in our c.1,100 stores.

Dixons Retail has built a successful and sustainable multichannel approach to electrical retailing. Focused on the customer, the business offers a comprehensive range of after sales services, including support from Knowhow, the UK's leading provider of technology solutions, support, expertise and repairs. Business-to-business services are provided through PC World in the UK. As market leader in the Nordics, the business enjoys a superb reputation for first class customer service, a cost effective supply chain, strong retail sites across four countries and great supply relationships.

Dixons Retails' brands include Currys, PC World and Knowhow in the UK and Ireland. Customers shop with Elkjøp, El Giganten, Gigantti, Lefdal and Knowhow in the Nordic countries, UniEuro, PC City and No Problem in Italy, Kotsovolos in Greece, ElectroWorld in Central Europe, and Pixmania.com across Europe. Aiming to deliver an unbeatable combination of Value, Choice and Service, the company is proud to stand shoulder-to-shoulder with millions of customers whilst delivering a truly multichannel shopping experience.

For more information about Dixons Retail plc, please visit www.Dixonsretail.com

Follow us on Twitter: @DixonsRetail

 

Information about mutares AG

mutares AG is an industrial holding company that focuses on acquiring companies in special situations, with the goal of providing in-depth operational support to its portfolio companies thus positioning them for long-term profitable growth.  Entrepreneurship is the core of mutares' business approach. This is reflected by a clear openness for unconventional solutions as well as our strong personal engagement and reliability.  mutares prefers to invest in companies that have an established and proven business model combined with a strong brand.  Management and employees of mutares' portfolio companies are key to the change process in their organization as the Group's success is dependent on their qualifications and engagement. Only by working together with the local teams can mutares create meaningful value.

For more information about mutares AG, please visit www.mutares.de/company/en

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