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Metro consumer electronics unit to seek acquisitions
December 15, 2016 / 6:06 AM / a year ago

Metro consumer electronics unit to seek acquisitions

BERLIN, Dec 15 (Reuters) - German retailer Metro said it expects its consumer electronics unit, to be renamed Ceconomy, to lead consolidation in the sector after it is split from the wholesale and hypermarket food business next year.

Ahead of a capital markets day in Duesseldorf on Thursday to present details of its plans to split the company, Metro said it expected both companies to reach an investment rating and to qualify for the German mid-cap index.

It said Media-Saturn, Europe’s biggest consumer electronics group which has long been seen as a potential candidate to merge with Britain’s Dixons Carphone, intends to use its “solid financial structure... to lead consolidation in the sector”.

The consumer electronics business will get a 10 percent stake in the new wholesale and food business to strengthen its capital base, with a six-month lock-up period for 9 percent of that and a seven-year lock up for the other 1 percent. (Reporting by Emma Thomasson; Editing by Maria Sheahan)

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