Praktiker Bulgaria now sold as well

Christopher Seagon, the administrator of the insolvent BM Praktiker International GmbH, has signed a contract with a strategic investor from Bulgaria, Videolux Holding AG, for the sale of Praktiker Bulgaria EOOD and Praktiker Real Estate EOOD, Sofia (BG). Both sides have agreed to maintain silence on the business conditions underpinning the transaction. The acquisition is still subject to the usual official reservations. Videolux prevailed in a structured bidding process over four other competitors, who also submitted firm offers. The investor is taking over 100 per cent of the shares, all nine locations and the entire workforce numbering approximately 570. Videolux is a company with 1 800 employees in Bulgaria operating 31 branches which mainly sell electrical and electronic products. The company intends to carry on the DIY store business under the Praktiker name. So far that is the fourth regional company from the Praktiker Group that the administrator has transferred to an investor, just a few days after the sale of Praktiker in Romania. In October 2013 Seagon sold the shares of Bâtiself SA in Luxembourg. Next followed Praktiker in Ukraine in February 2014. Seagon assumes that he will be able to sell more of Praktiker’s regional companies to an investor in the weeks to come.