The acquisition is carried out via Kotsovolos, a subsidiary entirely owned by PPC, and envisages the takeover of a business with 150 stores in more than 100 cities, more than 1,200 employees and EUR269 million annual turnover.
ZF wrote as early as September 23 that PPC was in advanced talks to take over Flanco.
By buying Flanco, PPC enters the local electro-IT retail market, valued at around EUR3.6 billion.
(English version by Catalina Apostoiu)