Bulgaria: Technopolis owner buys Praktiker's
Videolux Holding, owner of the Technopolis retail chain of consumer electronics, is to acquire the Bulgarian unit of Germany's DIY store chain Praktiker.
Videolux Holding signed a preliminary contract with the parent company on Thursday.
The German company has been selling its businesses on all markets where it operates ever since it entered insolvency proceedings in the autumn of 2013.
The deal is to be closed after the approval of the Commission on Protection of Competition, according to a media statement of Videolux Holding.
The new owner of Praktiker will act as a strategic investor and preserve the DIY business concept and the brand.
"We invest in the do-it-yourself business because we have experience on the retail market. It is true that this is a competitive business and there are many players involved, but at the same time it has a good future because of the good positions on a global scale," said Bozhidar Kolev, the new owner, in an interview for investor.bg.
Videolux Holding runs consumer electronics retailer Technopolis which controls 31 hypermarkets and has a total staff of 1800.
Praktiker's business in Bulgaria includes 9 DIY hypermarkets and a total staff of 567.
The deal in Bulgaria comes just a few days after the sale of Praktiker's business in Romania and Ukraine.