Blackstone to acquire Greek e-commerce platform Skroutz from CVC
Acquisition Details and Background
Deal Announcement
May 11 (Reuters) - Blackstone will acquire Greek e-commerce platform Skroutz from CVC Capital Partners Fund VII, CVC said on Monday.
Valuation and Financials
Deal Value
The deal values the Greek company, including debt, at about 635 million euros ($747 million), a person familiar with the matter told Reuters.
Investment Return
The transaction will see CVC doubling its initial investment in the e-commerce platform, the person added.
Management and Ownership Changes
Founders' Stake
Skroutz's founders are set to divest a portion of their shareholding but will retain a stake and continue to lead the business with George Chatzigeorgiou remaining as the CEO.
CVC's Broader Investments in Greece
Previous Transactions
Skroutz is one of several investments CVC has made in Greece. Last year, the asset manager sold a majority stake in Greek insurer Ethniki Insurance to Piraeus Financial Holdings, one of the country's largest banks, for 600 million euros.
Currency Exchange Rate
($1 = 0.8498 euros)
Reporting Credits
(Reporting by Ananya Palyekar in Bengaluru and Mateusz Rabiega in Gdansk; Editing by Mrigank Dhaniwala and Sonia Cheema)
