French retailer Fnac Darty saw its shares soar on the Paris stock exchange on Monday, January 26. The company's shares were up 17.05% at around 4:15 pm (local time), giving the company a market value of €1.02 billion.
The "start" of this rally was given by the announcement that the company had received a takeover bid worth €1.1 billion (US$1.25 billion) from EP Group, an investment holding company controlled by Czech billionaire Daniel Krentínský , whose fortune is estimated at US$10.1 billion.
EP Group has proposed paying €36 per Fnac Darty share, representing a 19% premium over the closing price of the stock last Friday, January 24, and 24% and 26% premiums over the volume-weighted average prices of the stock over the past one to three months, respectively.
The offer from the holding company, whose subsidiary VESA Equity Investment has been the largest shareholder in the operation since 2023, with a 28.5% stake in the retailer's share capital, also involves the purchase of OCEANEs, a type of convertible bond, at €81.09 per share.
Fnac highlighted that its board of directors unanimously approved the proposal and that the transaction will now be evaluated by an independent committee. The group also stressed that the offer will be submitted to the Autorité des marches financiers (AMF), the French CVM, before the end of the first quarter.
“Without anticipating the reasoned opinion of the Board of Directors, we welcome this project from our largest shareholder, which demonstrates renewed support for our 'Beyond Everyday' plan and our long-term strategy,” said Enrique Martinez, CEO of Fnac Darty, in a statement.
Among other points, the plan in question includes initiatives such as maintaining the retailer's management team, as well as the headquarters of the operation in France. EP Group expressed its intention to proceed with these initiatives and noted that it does not intend to change the company's dividend policy.
“With this friendly proposal, which was well received by the Board of Directors, we want to consolidate our commitment, becoming the majority shareholder in the long term,” said Daniel Krentínský, CEO of EP Group, in a statement.
He added: “We are committed to supporting the current management team and ensuring the company’s presence in France, while simultaneously providing an attractive liquidity opportunity for shareholders who wish to pursue it.”
A Fnac Darty shareholder since 2021, the EP Group originated in the energy and infrastructure sectors. Over time, it has expanded its reach into logistics, media, e-commerce, sports, wholesale, and food retail, achieving annual revenue of approximately €80 billion.
Distributed across Europe, the group's portfolio includes stakes in assets such as TotalEnergies, Royal Mail (the UK's main postal service), Sainsbury's (a British supermarket chain), and West Ham United (an English football club).
If completed, the transaction with Fnac Darty will also expand EP Group's presence in France and in the country's retail sector . About two years ago, the holding company took control of Casino and has since been attempting a financial restructuring of the French food retail group.
Today's announcement was accompanied by unaudited figures from Fnac Darty relating to the results for the year 2025 – the consolidated balance sheet will be released on February 25th.
Among other figures, the retailer reported revenue of €10.3 billion, representing a year-on-year increase of 0.7%. In France, growth in this area was 0.5%, to €6.07 billion. In the rest of Europe, the expansion was 1.1%, to €4.2 billion.
