Retailer Fnac Darty has entered into an agreement with MediaMarktSaturn, a subsidiary of Ceconomy, to acquire 100% of its business in Portugal. The goal is to finalize the operation by this summer. The MediaMarkt brand will continue to be used in the country for a transitional period after the closure.
In Portugal, MediaMarkt, which operates 10 shops and online sales sites, and employs around 450 people across the country. In the financial year 2021-2022, MediaMarkt Portugal had a turnover of approximately €140 million.
Founded 25 years ago in Portugal, Fnac Darty has a three times greater presence: today it employs around 1,700 people and manages a network of 35 Fnac stores in Portugal, as well as 6 PC Clinic centers, 1 Nature et Découvertes and the Fnac.pt site, for a turnover of approximately €370 million at the end of 2022.
With this proposed acquisition, the group will consolidate its position as number 2 in Portugal and will be able to seize the opportunity to accelerate its growth in its historical businesses, diversify and develop in the large and small household appliances categories.
“The acquisition of MediaMarkt will allow Fnac Darty to increase its presence in Portugal by almost a third, a dynamic market for the Group,” said Enrique Martinez, CEO of Fnac Darty. "Furthermore, by joining forces in after-sales and other services, we will expand our action in favor of responsible consumption and the circular economy. The transaction is notably subject to the approval of the Portuguese Competition Authority."