- A landmark deal which leads to the creation of a dynamic retailer for consumer electronic products
- Offer the most attractive customer proposition via the widest variety of products and services both in physical stores as well as online in Greece and Cyprus
- Continuation of the MediaMarktGreece and Public store network under their respective brands; full transfer of all guarantees and customer obligations
- Numerous benefits for consumers, the market, employees, and the partners of Public and MediaMarkt Greece
- Olympia Group will be the majority shareholder with a 75% stake in the new company while MediaMarktSaturn will own 25%
Olympia Group SA (Olympia), shareholders of Public stores in Greece and Cyprus, and Media-Saturn-Holding GmbH (MSH), shareholders of MediaMarkt stores in Greece, have entered into a strategic deal in order to create a dynamic new retail company. This landmark deal in the consumer electronics market will constitute a unique proposition for consumers as well as suppliers, offering the widest range of products and services in these categories.
Consumer benefits: the largest variety of products in the Greek and Cypriot market
Taking advantage of the complementarity of the portfolios of the two brands will not only create an integrated product portfolio on the market but will also offer a variety of options and advanced services, capable of meeting any consumer need.
Channel strategy to grow in stores and online
The store networks and both brands will be maintained, complementing each other with a network of 67 stores and 3 web-shops in 2 countries, covering multiple formats ranging from 100 sqm to 4,000 sqm sales area with a focus on integrated multichannel retailing. Combined multichannel visitor base will reach 100 million. Consumers will also get access to a vast choice of products and services online, at the best value for money via a true omnichannel experience, including Public’s newly launched marketplace. Upon closing of the transaction, the new company will look into further expansion opportunities in Greece and Cyprus.
Significant benefits and growth for the entire market
Partners and vendors of the two companies will be able to work together towards sound development and expanded opportunities for all. Through this new entity Public, will be able to offer a wide range of home appliance products to its millions online and store visitors annually.
Innovation and Opportunities
The Partners will take advantage of the wide potential of information in creating multiple sales opportunities across channels from brick-and-mortar shops to online. Furthermore, the new entity will benefit of the 2 brands’ digital know-how in order to create a true omni-channel customer experience.
A dynamic retail team in the market
This new entity creates a powerful and dynamic retail team, setting the foundations of significant career prospects for employees.
Olympia will be the majority shareholder with a 75% stake in the new company, and MediaMarktSaturn will own 25%.
The closing of the deal is subject to clearance from the Hellenic Competition Commission and is expected in the fourth quarter of this calendar year.
Christos Kalogerakis, current CEO of Public will assume the position of CEO in the new company. On the deal he stated: “With the deal we are announcing today, we are creating the most dynamic retail team in the market, redefining the rules, widening the choices we offer to the consumers via a very attractive portfolio of products, point of sales, services and prices. The new company’s total turnover will exceed €450 million. We predict numerous opportunities which we will examine with all our suppliers, whom we respect and collaborate with on the basis of profitable new prospects. Today, we lay the foundation for a change in the map of the consumer electronics market in Greece and Cyprus”.
Yenal Gokyildirim, Executive Vice President of MediaMarktSaturn Retail Group & Operating Partner commented “With this deal, we have found a sustainable solution for our Greek activities. By partnering with the strong local market player Public, we will be able to optimize our assortment and supplier approach for our customers, reduce costs and improve our position in Greece.”
Olympia Group CEO, Robby Bourlas quoted “MediaMarktSaturn is the largest Consumer Electronics retailer in Europe and shares the same values with Olympia Group which has a long and very successful presence in the markets of Greece and Cyprus. The retail industry undergoes transformation globally, and we are certain that the new entity will increase its shareholders’ value. “
The main advisor on behalf of Olympia Group is Deloitte, while on behalf of MediaMarktSaturn is PricewaterhouseCoopers.