Cyprus Mail
Business

Electric appliance retailers Scandia, MegaElectric sign merger deal

Ermes Department stores said that its subsidiary, electrical appliances retailer Scandia signed a merger agreement with its until now competitor Megaelectric for an undisclosed amount.

The deal between IDEEA Distribution of Appliances Ltd, as Scandia is officially registered, and E. & G. Electroplus Ltd, which operates as Megaelectric, provides for the creation of a company that will take over the staff, assets and liabilities of both companies, Ermes said in a statement on the Cyprus Stock Exchange website on Thursday.

The new company will carry out its operations, which include sales of electrical and electronic appliances, personal care items and other household and entertainment equipment under the brand names of Scandia and MegaElectric, Ermes said.

The deal is subject to approval by the competition watchdog, Ermes said adding that more details will be disclosed following the completion of the deal.

Related Posts

UK sees highest inflation since 1992, pressuring BoE and households

Reuters News Service

UK watchdog to restrict high-risk investments like cryptoassets

Reuters News Service

China drafts rules to ease property developers’ cash crunch

Reuters News Service

Explainer: Do 5G telecoms pose a threat to airline safety?

Reuters News Service

KPMG fined $5.8 million over “Bargain Booze” audits in Britain

Reuters News Service

Cypriot economy buoyed by services and real estate

Kyriacos Nicolaou