Quest remains only bidder for Kotsovolos
Plaisio Computers will not bid for the acquisition of electrical appliances and electronics retailer Kotsovolos, Kathimeini understands, leaving Quest Group as the only, non-binding, bidder so far.
But, as Kotsovolos said in a statement Monday, “it is not certain that the process willl lead to a final agreement.”
Power company PPC, a reputed prospective bidder, continued to keep silent about its intentions and it is uncertain how many bidders will be present at the Friday deadline. Citigroup is the advisor in the bidding process.
Quest has already a retail presence selling products of specific IT firms (Apple, Xiaomi), while it also distributes air conditioning brands and other electrical appliances.
Analysts believe that the acquisition of Kotsovolos and its network of 95 shops in Greece and Cyprus would create great synergies for Quest.
Helped by, among other things, higher prices the electrical appliances and electronics sector saw turnover rise 26.6% in the first half of 2023, to €1.478 billion, compared with the same period last year, on sales volume rise of 6.4%. Sales of air conditioning appliances rose 111.9%, while cellphone sales rose 15.1%. but sales of computers and peripherals dropped 16.2%.
