Fnac launches a bid to acquire Unieuro and create a European retail giant

Fnac to conquer Unieuro. The French group is launching a takeover bid on the Italian company together with the vehicle Ruby Equity Investment. The offer for each share of the Forlì-based company includes 9 euros in cash and 0.1 newly issued shares of Fnac-Darty listed on the EuroExchange Paris. The premium for shareholders is 42% compared to the official share price as of 15 July 2024 (the last trading day prior to the publication of this Communication), equal to EUR 8.45, for a valuation of 100% of Unieuro equal to EUR 249 million.

According to the French, assisted by Rothschild, the merger between Fnac Darty and Unieuro 'would create a leader in consumer electronics, home appliances, publishing and services in southern and western Europe, with more than EUR 10 billion in turnover, 30,000 employees and more than 1,500 shops. The combined entity would hold the first or second position in its core markets.

Unieuro is the Italian leader in consumer electronics and household appliances with a market share of 17 per cent. In 2023, Unieuro will reach a turnover of EUR 2.6 billion. It has a dense network of integrated and affiliated shops throughout Italy, with a significant presence in the North and Centre of the country (71% of shops). In addition, Unieuro is developing its service activities, including the integration of Covercare, which specialises in home repairs and services.

According to Enrique Martinez, CEO of Fnac Darty, 'this project represents a unique opportunity for Fnac Darty to continue pursuing its long-term ambition of consolidating its markets and strengthening its business model on a European level'.