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Freshfields advises Currys on its Class 1 circular relating to the proposed disposal of its Greece and Cyprus retail business

Freshfields Bruckhaus Deringer (‘Freshfields’) advises Currys plc on its Class 1 circular and UK legal obligations in relation to the proposed disposal of its entire Greece and Cyprus retail business, trading as Kotsovolos, to Public Power Corporation S.A., a leading power generation and supply company in Greece, for an enterprise value of €200 million. The proposed disposal is expected to complete in the first quarter of 2024, subject to the passing of an ordinary resolution approving the disposal by Currys’ shareholders and certain other conditions.

The proposed disposal follows the announcement of a strategic review by Currys in June 2023 to explore options for the business, believing that the strength of the Kotsovolos business and its long-term track record were not fully reflected in the Currys Group’s valuation. The proposed disposal will simplify Currys’ structure enabling it to focus on its larger markets of the UK & Ireland and Nordics.

The Freshfields team was led by partner Natasha Good in London with support from partner Tom Godwin, senior associate Marc McCaughey, and associate Simon Valls.