Approval received for disposal of Kotsovolos

Currys plc is pleased to announce that Public Power Corporation S.A. has received unconditional approval from the Hellenic Competition Commission for the purchase of Dixons South East Europe A.E.V.E., the holding company of Currys' entire Greece and Cyprus retail business, trading as Kotsovolos.

The enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million), implies a multiple of 6x adjusted EBITDA of €49 million (£43 million) and 14x adjusted EBIT of €21 million (£18 million) for the 52 weeks ended 29 April 2023.

The transaction is expected to complete in the first half of April. Net cash proceeds of the disposal, after taking into account transaction and separation costs, intercompany balances and cash in the business, are expected to be approximately £156 million (€179 million).

In the near term, it is the Board's intention to use proceeds to reduce net debt and the Group expects to finish the year with a healthy net cash balance.

Next scheduled announcement

The Group is scheduled to publish a pre-close full year trading update on Tuesday 14 May 2024.