Steinhoff purchases majority stake in Extreme Digital
Furniture and household goods retailer Steinhoff International Holdings acquired a 50.8% majority stake in Hungarian e-commerce company Extreme Digital, Balázs Várkonyi, managing director of Extreme Digital announced today, according to Hungarian news agency MTI.
The deal still requires the Hungarian Competition Officeʼs (GVH) authorization. The managing director did not disclose the purchase price of the majority stake, MTI reported. Steinhoff’s aim with raising capital in the company is to finance its regional expansion, however, day-to-day operation control is expected to remain in the hands of the Hungarian co-owners, MTI said.
According to the managing director, the company is looking to establish an office in Bucharest, Romania, prior to establishing offices in Czech Republic, Slovakia and Croatia.
Extreme Digital had turnover of HUF 23.7 bln last year which is expected to grow to around HUF 30 bln in 2015, MTI said.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.