Dixons buys into UniEuro
HIGH STREET retailer Dixons is paying £64m cash for 24% of Italian consumer electronics and domestic appliances retailer UniEuro, which it says is the most profitable in the country.
The UK electrical goods retailer also has an option until 3 July 2003 to buy the remaining stock, owned by management and a consortium that includes JP Morgan and Rhone Capital, for a further £264m.
UniEuro is a fast-growing group which trades from 61 superstores, mostly out of town, and is expected to produce earnings from the acquisition completion date.
Dixons shares rose 4 3/4p to 242 1/4p.
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