It was announced today that Fnac will buy the MediaMarkt Portugal business for an undisclosed amount, which includes 10 physical stores and an “online” commerce uniting about 450 employees of the company.
“MediaMarktSaturn, a wholly owned subsidiary of Ceconomy AG, has reached an agreement with French electronics retailer Fnac Darty for the strategic sale of MediaMarkt’s Portugal business,” the statement said.
As such, Fnac will buy, for an undisclosed amount, 100% of MediaMarkt Portugal, which has 10 physical stores plus an “online” business.
According to the same note, the company will also bring together some 450 employees of MediaMarkt Portugal, present in the Portuguese market since 2004, who will keep the name until the “rebranding” (changing the name, logo or “design”). brands).
“We are constantly evaluating and reviewing our portfolio of countries. In Portugal, we have maintained our position over the years in a very competitive environment thanks to the high performance of our local team. However, our business has not yet reached sufficient size to achieve a leading position in the market, ”said Carsten Wildberger, executive president of MediaMarktSaturn and Ceconomy, quoted in the same note.
The deal is pending approval, but the company expects it to be completed by the summer.
For its part, Fnac Portugal said that with this acquisition project, it wants to strengthen its leading position in Portugal, as well as accelerate growth in other markets in which it already operates.
“The acquisition of MediaMarkt Portugal will enable Fnac to increase its size in Portugal, a dynamic and relevant market for the group, enabling it to achieve a strong market position as well as replicate the efficiency and complementarity model already demonstrated by the merger. between Fnac and Darty in France in 2018,” Fnac Darty Group Executive President Enrique Martinez said in a statement.
The official also said that the operation will combine efforts and expand the company’s activities in the development of responsible consumption and the circular economy.
Fnac, present in Portugal for 25 years, has a network of 35 own stores, six PC Clinics, a Nature et Découvertes store and a website fnac.pt.
At the end of 2022, Fnac’s turnover in Portugal was around 370 million euros.