Sonae has announced that the sale by its subsidiary Worten of 17 shops in Spain to MediaMarkt has been concluded, following approval by the Competition Authority, a transaction that generated “a cash inflow of five million euros”.
On 13 January, Worten Spain had announced that it would accelerate its digitalisation project in that market and divest 17 physical shops to MediaMarkt.
In a statement, Sonae announced on Monday evening that “the sale of 17 shops in mainland Spain to MediaMarkt Saturn S.A.U, was concluded, following the approval by the competition authority”.
The group adds that “this transaction generated a cash inflow of five million euros for Worten”.
Sonae recalls that that transaction “is part of a wider reorganisation that also includes the closure of 14 additional shops in mainland Spain”.
Thus, in total, “this reorganisation will have a significant strategic and financial impact on Worten, with an expected increase in underlying EBITDA margin from 5.2% in 2019 to a value of over 6.5% after the reorganisation”, Sonae concludes.
Worten has been present in Spain since 2009.
