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Dixons pays 25 mln eur to merge Italy business

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 10 (Reuters) - Dixons Retail (Other OTC: DSITY - news) , Europe's second-biggest electricals goods retailer, has struck a deal to merge its loss-making UniEuro business in Italy with a firm controlled by private equity group Rhone Capital, it said on Thursday.

The agreement will see Dixons provide the merged business with 25 million euros of cash and invest 10 million euros in it in the form of a loan note.

Dixons said it will own a 15 percent share of the new company, while Rhone Capital will hold 85 percent.

The merged business will trade from 173 owned stores as well as through a number of franchise partners.