Currys gets green light for £159m sale of Greek business amid takeover saga

Currys has been urged to accept a takeover offer that would value it at more than £1bn. (Photo by Peter Dazeley/Getty Images)

Electrical retailer Currys has received approval to sell its entire Greek business arm to Greek power generation and supply giant Public Power Corporation (PPC) for £159m.

Last year the firm announced it wanted to sell the business which trades as Kotsovolos to help strengthen its balance sheet.

Currys took on the business which trades as Kotsovolos in 2021 when it completed its takeover of Dixons Carphone.

Its Greek division had performed well, often surpassing Currys UK arm in terms of sales.

Today, the board said the transaction is expected to be completed in the first half of April and after taking into account transaction and separation costs it will raise around £159m from the disposal.

It comes amid a period of heightened publicity for the retailer as it navigates an ongoing takeover battle between Waterstones owner Elliot Advisors and Chinese online shopping giant JD.com.

Currys has rejected two separate offers from the former on the grounds that it undervalues the business.

Recently, JOHCM UK Equity Income Fund, which owns just over 4.4 per cent of the retailer, said it should expect a deal which values the group at £1bn.

Last month, Currys shutdown a £700m takeover from activist investor Elliott Investment Management.

That was followed a few days later by a second bid from the firm worth around £750m, which was also rejected.