Ideal Holdings acquires Attica Department stores for 100 million euros
BUSINESS /Τετάρτη 21 Ιουνίου 2023, 12:05:11 / Source: ANA-MPA
Ideal Holdings on Wednesday announced the expansion of its investment portfolio with the acqusition of Attica department stores for 100 million euros. More specifically, the company signed a binding agreement to acquire 100% of KT Golden Retail Venture Ltd, owner of a 100% of shares in Attica Department stores SA. Compeltion of the transaction is subject to approval and it is expected in the next few months.
Attica operates the largest department stores in Greece with a strong presence in Athens (Citylink, Golden Hall, The Mall) and Thessaloniki (Mediterranean Cosmos, Tsimiski). It is the largest company of its kind in Greece and records significant growth rates. Attica employs 2,000 workers and cooperates with more than 300 suppliers. Its turnover totaled 190 million euros in 2022, EBITDA was 19.3 million, pre-tax profits of 12.4 million and has zero net borrowing. In the first four months of 2023, its turnover was 58.9 million (49.4 million in 2022), EBITDA was 4.84 million euros (1.14 million in 2022) and pre-tax profits of 2.5 million euros (-0.98 million in 2022).
Ideal Holdings said the transaction will be financed with bank loan (65 million euros) and own capital (35 million euros). Ideal will call an extraordinary general shareholders meeting to approve a share capital increase plan through the issuance of 7,869,000 new shares at a price of 4.15 euros per share. At the same time, Attica's shareholdes will buy 592,000 shares owned by Ideal at a price of 4.15 euros per share and will have a 17.36% equity stake in Ideal after the share capital increase scheme.
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