DSGinternational plc acquires controlling stake in Fotovista

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DSGinternational plc acquires controlling stake in Fotovista

Δημοσίευση από KGP » 12 Απρ 2006 19:32

DSG international plc acquires controlling stake in Fotovista Group
http://dsgportal01.dixons.co.uk/wps/por ... latestnews


DSG international plc today announces that it has agreed to acquire a controlling 75% interest in Fotovista Group, for a total cash consideration of Euro 266 million (approximately £185 million). Headquartered in Paris, Fotovista is the parent company of Pixmania, a leading European e-tailer of digital photographic and consumer electronic products.

Pixmania, the core e-commerce operation, is the only pan-European e-tailer of consumer electronic products and trades in 25 European countries through bespoke transactional websites. Its operations cover all countries in which DSG international has a retail presence, with the addition of Austria, Belgium, Estonia, Germany, Holland, Latvia, Lithuania, Luxembourg, Portugal, Slovakia, Slovenia and Switzerland. All territories are served from a central warehouse and call centre in Paris. Pixmania is already a market leading e-tailer of consumer electronic goods in France, Italy, Spain and Portugal and the business is growing strongly in all countries in which it has a presence.

Fotovista's operations also include online digital photo services, a 250 store based franchised photographic operation in France and specialist studio and portrait photography services in France and Belgium.

As reported in the most recent audited consolidated financial statements (1) for the year ended 31 March 2005 Fotovista's consolidated sales were Euro 354.1 million and underlying profit before interest and tax was Euro 6.2 million. Gross assets were Euro 131.7 million. Unaudited management accounts for the year ended 31 March 2006 show sales of over Euro 450 million, of which 80% relate to online activities, and underlying profit before interest and tax of Euro 7.6 million.

Completion of the acquisition is subject to approval by the European Union Competition Authority and is expected to take place before the end of June. Fotovista will be consolidated into DSG international's accounts from completion and is expected to be earnings enhancing in the first year.

Of the total proceeds payable on completion Euro 155 million is payable to the principal shareholder, LMBO, in respect of their entire interest in Fotovista and Euro 36m is payable in respect of shares held by the founders and managers. The balance of Euro 75m is payable in respect of a subscription for new shares in Fotovista, the proceeds of which will be used to repay existing debt and to finance growth opportunities.

The percentage of Fotovista that DSG international will acquire on completion is subject to closing debt adjustments. The remaining interest in Fotovista will be retained by the founders, Steve Rosenblum and Jean-Emile Rosenblum, together with other members of the management team (the "Fotovista minority shareholders") who are expected to remain with the Group. Under the terms of the acquisition there is a mechanism to allow the Fotovista minority shareholders to dispose of their shareholdings. In the event of certain financial targets being met and in the event of a sale by the Fotovista minority shareholders, such shareholders will be entitled to an increase in their percentage ownership of Fotovista.

John Clare, group chief executive of DSG international plc, said: "This acquisition brings into the Group an already fast growing, profitable and highly respected e-tailer of digital photographic and consumer electronics products with established operations throughout Europe. This makes it the most attractive online electrical retailer in Europe today, and I am delighted to welcome them into DSG international.

"We will be supporting Pixmania's growth plans with our buying, supply chain, service and back office infrastructures to enable it to become a very much stronger pan-European business in a broader range of electricals and related products over the next few years. In most European countries e-tailing is in its infancy with highly promising growth prospects.

"The online systems and management skills that this acquisition brings into the Group will be of significant benefit to all of our existing multichannel operations.

"Last week I signalled our ambition to build a strong leadership position in European electrical e-tailing. This acquisition represents a significant step towards realising that goal."

Steve and Jean-Emile Rosenblum, President and Chief Executive of Fotovista respectively, said: "We are delighted to become part of such a successful and leading electrical retail group. Our talented and innovation-driven teams will fully embrace the e-commerce strategy of DSG international to become the leading electrical e-tailer in Europe."

Notes:

(1) Prepared under French Generally Accepted Accounting Principles and using IFRS presentational principles
*Στην Ελλάδα δεν χρειάζεται να σκέφτεσαι...χάνεις πολύτιμο χρόνο!
*"The power of accurate observation is frequently called cynicism by those who don't have it." -George Bernard Shaw (1856-1950)
*The purpose of argument should not be victory, but progress.

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KGP
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Δημοσιεύσεις: 5857
Εγγραφή: 18 Ιούλ 2002 01:50
Τοποθεσία: Mr Wonderful

DSGinternational plc acquires controlling stake in Fotovista

Δημοσίευση από KGP » 13 Απρ 2006 11:03

epidi isos poli na min gnorizoun tin Fotovista...


einai i gnosti se olous mas -thelo na pisteuo- pixmania
*Στην Ελλάδα δεν χρειάζεται να σκέφτεσαι...χάνεις πολύτιμο χρόνο!
*"The power of accurate observation is frequently called cynicism by those who don't have it." -George Bernard Shaw (1856-1950)
*The purpose of argument should not be victory, but progress.

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