PPC said the deal was a "transformation move, in a market that is changing globally" in an era of energy transition.
"With the acquisition of Kotsovolos, PPC advances even faster in its transformation into an integrated provider of products and services," the Greek company said.
The transaction is expected to be completed in the first quarter of 2024, subject to approval by Currys shareholders and Greek competition authorities.
The acquisition of Kotsovolos accelerates PPC’s transformation into an integrated provider of products and services and opens a new page in the retail electricity market, in which physical store and logistics networks, distribution centers and electrical installation and device repair workshops are emerging as a strategic advantage for companies in the sector.
PPC was the first to ensure, through the acquisition of Kotsovolos, quickly and at low cost, exactly what electricity supply companies need today: the “passport” to enter each consumer’s home and sell, along with electricity and natural gas, new products brought by the energy transition and modern technology. For households and businesses, what until a few years ago was a simple grid connection, has now become a whole new world of solutions for energy saving, zero footprint, self-generation and smart solutions that make life easier.
“Upon completion of the agreement, PPC will be a different company: an integrated, customer-centric provider of products and services on a digital and physical level,” according to the company’s chairman and CEO, George Stassis.
“The acquisition of Kotsovolos, as part of our €9 billion investment plan, significantly accelerates the implementation of our business plan, which is based on three pillars: green development, digitization of all operations and customer-centricity,” he said.
“Kotsovolos is the No 1 company for electrical and electronic devices in Greece and has the ability and experience for everything that PPC needs to find customers in a physical and digital environment, to show them the solutions and services of the new era of energy, to hand them over and install them,” emphasize PPC sources.
With the acquisition of Kotsovolos, PPC gains access to the chain’s 95 stores (92 in Greece and three in Cyprus), with a total area of 143,000 sq.m., and a total of over 1,500 employees.