Technopolis Owner Acquires Bulgaria's Praktiker Branches
Videolux Holding was given on Thursday go-aheadto pursue with the acquisition of German DIY chain Praktiker in Bulgaria.
The deal, which had been pending approval by Bulgaria's Competition Protection Commission since February 27, was added into the watchdog's registry, the website Money.bg reported.
A preliminary sale and purchase agreement was signed in end-February regarding the nine Bulgarian-based branches of Praktiker, which slid into insolvency during the second half of 2013 and announced it was selling its assets.
Videolux Holding also owns the Technopolis retail chain of consumer electronics, which has 31 branches and 1800 employees in the country.
Videolux announced it will not make significant changes to Praktiker's business in Bulgaria, after it declared back in February it would preserve its concept and brand.
Earlier Praktier sold its units in Romania and Ukraine, as well as in Luxembourg.