Parent of the Media-Saturn Holding in Russia, has signed a EUR258 million deal with Safmar Group, owner of the leading Russian consumer electronics retailer M.video, in which it transfers its loss-making MediaMarkt business in Russia to Safmar, for 15% stake in M.video.
The MediaMarkt’s 46 standalone stores will be integrated with the M.video network.
Safmar is aiming to establish national leadership in consumer electronics distribution by combining M.video and Eldorado, with joint network of 839 stores and expected potential to generate sales of EUR 6.2 billion by 2022. Currently the combined business has ca. 26% market share.
Safmar is also committed to join European Retail Alliance as a third member next to Ceconomy and Fnac Darty