“Following the transaction between eMAG and Naspers, I have tried to simplify the shareholding structure of the companies in the group that I’m running, a group which includes eMAG, Flanco and NOD,” Stanciu said in a press statement, adding he is confident that eMAG, Flanco and NOD will keep their upward trend, as they are financially stable and rejoice a market strategy suitable for the segment in which they operate.
Ghita previously held a 50% stake in the two companies. The parties involved haven’t disclosed the value of the transaction, which is pending approval by the Competition Council.
South African multinational media group Naspers bought 70% in eMag, the largest online retailer in Romania, which registered about EUR150 million in sales last year.
Flanco plans to focus on enhancing the relation with clients and Network One Distribution targets to strengthen its position on the market, conclude strategic partnerships and develop own brands, according to the press statement.
Flanco is one of the largest local retailers of electronics and household appliances, while Network One Distribution, formerly known as Asesoft Distribution, is one of the largest local electronics distributors.