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Dixons agrees PIXmania, Turkish disposals

Reuters - UK Focus

LONDON, Sept 5 (Reuters) - Dixons Retail (Other OTC: DSITY - news) , Europe's second-biggest electrical goods retailer, said on Thursday it had agreed to dispose of its loss-making PIXmania e-commerce business and its Turkish operation.

Dixons said it had received an irrevocable offer from mutares AG., a German listed industrial holding company, to purchase PIXmania, which operates in France and the Czech Republic.

The deal will involve Dixons providing 69 million euros of cash to mutares.

Dixons also said it had agreed to sell its ElectroWorld operations in Turkey to local firm Bimeks for about 2 million pounds.

The group added that underlying first quarter sales rose 2 percent, in line with analysts' expectations.