BRUSSELS, Belgium — European Union regulators Thursday approved the takeover of Greek consumer electronics retailer Kotsovolos by the British chain Dixons PLC.
The European Commission cleared the deal under a simplified procedure after finding no competition concerns.
Dixons is paying 53.7 million euros ($64.4 million) to raise its stake in Kotsovolos to 52.3 percent from 13.6 percent, and plans to make a public bid to acquire the remaining shares at 6.50 euros ($7.80) a share. It is buying the stake from Greek holding company Fourlis Holdings SA.
Dixons is aiming to expand across Europe. The company already operates 1,350 stores and Kotsovolos will add an extra 127 outlets and 1,700 employees.
Kotsovolos operates under the Kotsovolos, Radio Athinai and One Way brands.
From Seattle PI