After having reviewed various strategic options, METRO GROUP and its subsidiary Media-Saturn-Holding GmbH, together with the stakeholder families Kellerhals and Stiefel, have signed an agreement to sell the 34 Saturn stores in France to HTM Group. With the divestment of its consumer electronics activities in France, METRO GROUP is consistently driving its strategically orientated portfolio optimisation.
The competent boards of both parties have approved the transaction and have agreed not to disclose the consideration. The closing of the transaction remains subject to approval from the relevant antitrust authorities; a respective merger control process has been initiated.
In 2009, Saturn in France employed around 2,000 staff and generated sales of EUR 583 million. HTM Group will continue to operate the 34 stores and all employees will be taken over. The talks with the employee representatives have been concluded. After a transition period of a few months, the Saturn stores will be turned into Boulanger stores.