mutares AG (“mutares”), and Dixons Retail, Europe’s leading specialist electrical multi-channel retailing and services company, announce that, having completed consultations with the relevant works councils, both companies have now signed the agreement for the sale of PIXmania S.A.S to mutares A.G, a German listed industrial holding company.
As part of its purchase of PIXmania, mutares has developed a robust plan to build on PIXmania’s pure play e-commerce operations as well as to further develop its market-leading software platform. Completion of the transaction is expected to take place by the end of December 2013 after all conditions such as the approval of the relevant competition authorities have been met.
Commenting on the transaction, Aurélien Fauvel, head of mutares France, said:
“I am very pleased that we are now able to proceed with this transaction following our very positive discussions with employee representatives. We firmly believe that PIXmania can achieve long term success and can look forward with confidence.”
Commenting on the transaction, Sebastian James, Group Chief Executive of Dixons, said:
“I am delighted that we have been able to conclude consultations with the works councils so swiftly. This is testament to the strength of the plans that mutares has for the business, and to the vision that they were able to share with our colleagues at Pixmania. I believe that the company can now look forward to a robust future, and I look forward to watching it flourish under new ownership.”