Currys gets green light for sale of Greek business

Currys said regulators had approved the sale of its Greek and Cypriot retail business Kotsovolos to Public Power Corporation for an enterprise value of €200m (£175m).

The UK electrical retailer said it expected to get around £156m net from the deal and use the cash to pay down debt. Currys is currently fending off bids from private equity predator Elliott, which reportedly last week made a second £800m bid for the troubled business having had an initial £700m offer rebuffed.

JD.com, the Chinese e-commerce giant, last month said was at the early stages of considering an offer. UK takeover authorities have given it and Elliott until mid-March to lodge binding offers for the retailer or walk away.

Reporting by Frank Prenesti for Sharecast.com