Czech billionaire Křetínský wins EU approval to raise Fnac Darty stake

The EP Group of Czech billionaire Daniel Křetínský has received European Commission approval to increase its stake in the French electronics retailer Fnac Darty. It can now announce a voluntary public offer to buy additional shares and convertible bonds. Křetínský is offering €35 per share, or about 850 crowns.

EP Group currently owns 28.5% of Fnac Darty. The company announced its intention to build up its stake earlier this year. According to EP Group itself, the Commission’s decision was the last approval expected for the deal. The French financial markets regulator AMF had previously approved the share offer as well.

In the coming days, the AMF is due to publish the timetable of the offer, including its closing date. The buyout is expected to be completed in early November. For OCEANE convertible bonds, EPG is offering €81.16 (about 1,974 crowns) apiece.

Fnac Darty is one of Europe’s largest electronics retailers: the company employs nearly 30,000 people, and its network includes more than 1,500 stores in 14 countries. Two years ago, its revenue exceeded €10 billion, or roughly 243 billion crowns.

The larger stake will allow Křetínský’s group to significantly strengthen its position in the French company and take another step in expanding its European retail empire.