DSG snaps up Euro photo etailer
Snaps up, geddit?
DSG international (Dixons to you and me) has snapped up a 75 per cent stake in European etailer Fotovista Group for €266m (£185m).
Fotovista is the Paris-based parent company of Pixmania, which flogs digital camera stuff and other consumer electronics products in 25 European countries.
Its operations also include online digital photo services, a 250 store-based franchised photographic operation in France, and specialist photography services in France and Belgium.
In the year to the end of March 2005 Fotovista generated consolidated sales of €354.1m and an underlying profit before interest and tax of €6.2m.
In a statement announcing the deal the UK retailer said the acquisition of Fotovista brings a "fast growing, profitable and highly respected etailer of digital photographic and consumer electronics products with established operations throughout Europe" into the DSGi group.
The deal forms part of DSGi's international expansion programme as it looks to enter new overseas growth markets. ®