Deals
German, French Electronics Chains Hook Up as Amazon Encroaches
- Metro to pay $530 million for Pinault stake in Fnac Darty
- European electronics retailers consolidate amid online threat
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German retailer Metro AG agreed to buy a 24 percent stake in Fnac Darty SA of France for 452 million euros ($530 million), following through quickly on a vow to lead consolidation of European electronics sellers facing the threat of Amazon.com Inc.
Metro, striking less than two weeks after a spinoff focused it on its Media Markt and Saturn chains, will pay 70 euros a share for a stake it’s buying from the Pinault family’s Artemis SA. That’s a 7.3 percent discount to Fnac Darty’s closing price Tuesday.