Proactive Investors - Currys PLC (LON:CURY) has confirmed the sale of its business in Greece and Cyprus for around £156 million, it said on Friday.
Public Power Corporation, Greece’s largest electric power company, will purchase Dixons South East Europe, the holding company for the Greek and Cypriot retail business, which trades under the name Kotsovolos.
The deal is expected to be completed by April and will see the London-listed retailer receive net cash proceeds of £156 million (€179 million) once additional costs have been accounted for.
Cash from the deal will be used to pay off debts, with management confident it will finish the year with “a healthy net cash balance.”
Last month, Currys rejected an unsolicited £700 million takeover offer from the UK arm of the American activist investment firm Elliot Advisors.
A few weeks later, the retailer said it rejected a second conditional offer from Elliot Advisors, with the offer worth 67p a share, improving from its original 62p approach.
Currys shares are currently trading at around 65p, having jumped more than 30% since the takeover bids were launched.