Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.
Lucrative French market
Ceconomy will pay 452 million euro to acquire the shares and has an option to fully acquire Fnac Darty in the next two years.
The purchase will enable Ceconomy to appoint three board members and gives it a major stepping stone in the French market, which it considers to be “very lucrative”.
The Pinault family acquired Fnac in 1994, but will fully divest from the new merger company. The decision follows former CEO Alexandre Bompard’s departure to Carrefour. He had helped get Fnac back on track. The family also withdrew from La Redoute and Printemps, cutting all ties with retail companies.
“On behalf of every Fnac Darty employee, I would like to thank the Pinault family for their unrelentless support to our brands and Fnac in particular”, Fnac Darty chairman Jacques Veyrat said. “Our group would not be what it is today without the family. I am also happy with our new shareholder, Ceconomy, who will help support our group’s development.