Public and MediaMarkt on Monday began the implementation of an agreement to create a new, joint retail commerce company, the largest retailer of technology, entertainment, culture and home appliances in Greece, in a deal that will transform the country’s electric and electronic items sector.
The partnership will safeguard and further enhance MediaMarkt’s presence in Greece and will preserve several job positions in the retail sector. The new company will also significantly benefit suppliers.
In an announcement, the two companies said their vision was to create a pioneer model of retail commerce that will form the retailer of tomorrow. In this new era, the goal will be the constant improvement of consumer’s life inside and outside his home.
Christos Kalogerakis, CEO of the new company, said: "With the partnership of two very strong brands - Public and MediaMarkt - we introduce a new retail model, based on offering the most integrated proposal to consumers and at the same time creating value for our partners and workers.",
The partnership will lead to the creation of the largest omnichannel retailer in Greece and Cyprus. The new company, with a turnover of more than 460 million euros in 2019, will operate a network of 67 stores and four online stores.
PricewaterhouseCoopers Business Solutions SA acted as exclusive financial advisor to Media Saturn Holding GmbH, while Deloitte Greece as exclusive financial advisor for Olympia Group/Public.