Fairfax Financial Holdings Ltd agreed to acquire Praktiker Hellas Trading Co SA

[Nnejad]

Just saw this flash by. No article yet.

[bluedevil]

Courtesy of Google translator:

 

Sounds like it is a home improvement chain in Greece with 14 branches and 1,100 employees.

 

According to the announcement, the contract has undertaken to carry out the Christopher Seagon, Manager of BM Praktiker International GmbH, signed yesterday.  Both sides came to an agreement without further notice of the financial terms of the transaction. At the same time, the acquisition is still subject to the necessary approvals from the competent bodies of creditors. As indicated on the basis of annual sales, which touched 195 million, Praktiker Hellas is the largest operating company abroad. The Praktiker has presence in Greece with 14 branches and employs about 1,100 workers. Within a structured and competitive bidding process, the Manager Mr Christopher Seagon negotiating with several interested investors, by whom Fairfax submitted the most advantageous offer for everyone involved. The Fairfax will continue to maintain all of the stores and the company's employees, while maintaining unchanged the name Praktiker. Fairfax's known since 1985 for long-term development of corporate values ​​and has a significant track record of successful investments in international companies with strong growth prospects ( including investments in Greece and across Europe). For this reason Mr. Seagon considers Fairfax and Praktiker Hellas fit really well. "The product range of Praktiker in Greece is considerably broader than that of Germany," as noted by Mr. Seagon. Specifically, the range of Praktiker Hellas, along with the typical DIY products include household and electrical items such as washing machines and televisions. "Therefore, an investor with this range of investments and financial resources, it covers all the necessary conditions to successfully develop the business of Praktiker in Greece ', is convinced Mr. Seagon. "We continue to believe in recovery Greek economy under the leadership of Prime Minister Samaras' says Mr Prem Watsa, Chairman & CEO of Fairfax. Greece continues to make significant progress in revitalizing the economy by encouraging foreign investments that create positive momentum, thereby enhancing both employment and sustainable economic growth. "So we are excited about the acquisition of Praktiker Hellas, which is pioneering and stable leading company in the market of DIY & Home Improvement in Greece. Also, we are convinced that the Praktiker Hellas, under the command of John Selalmazidi and his team is one of the better managed companies in this market, "continues Mr. Watsa. H Praktiker Hellas is the sixth company of the Group abroad transferred to the investor by the Manager Mr. Seagon. Already by October 2013 completed the sale of its shares Batiself SA in Luxembourg, while in February 2014 followed by the subsidiaries Praktiker Ukraine, Bulgaria and Romania, and in March the Praktiker Poland. Historical BM Praktiker International The BM Praktiker International GmbH is a venture company group Praktiker, which brings together 11 companies shares. Following the filings group companies Praktiker in early October 2013, the BM Praktiker International filed for insolvency proceedings in a competent court of Hamburg. The competent court decided to open the process to 21 October 2013 as the operator defining the lawyer Mr Christopher Seagon. Fairfax Financial History H Fairfax Financial is a Canadian holding company, which operates through its subsidiaries in the areas of property and casualty insurance, reinsurance and investment management.