Ceconomy Reaches Deal With Kellerhals Family To Buy Remaining Stake In Media-Saturn
DUESSELDORF (dpa-AFX) - Ceconomy AG (MTAGF.PK, MTTRY.PK) reached an agreement with Convergenta Invest GmbH, the investment company of the Kellerhals family, to buy the remaining stake in the German consumer electronics retailer's subsidiary Media-Saturn.
Ceconomy said it will acquire the minority stake of 21.62% in Media-Saturn-Holding GmbH held by Convergenta for around 815 million euros in Ceconomy shares, convertible bonds and cash.
As a consequence of the deal, Convergenta will, prior to exercising the conversion right, become a shareholder with a stake of about 25.9% of the share capital of Ceconomy. Convergenta aims at a stake of up to 29.9% of the ordinary shares.