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

Ratings agency confirms Cyprus standing

George Psyllides

Labour minister continues efforts to solve hotels pay dispute

Andria Kades

US in ‘favorable’ place, Fed will ‘act as appropriate’

Reuters News Service

Multinational consortium named for LNG construction

George Psyllides

U.S. SEC fines Deutsche Bank $16 mln to settle foreign corruption charges

Reuters News Service

Euro slips as PMIs signals gloomy outlook; yuan tanks

Reuters News Service