The Polish network of Germany’s Praktiker DIY network has reportedly been taken over by the Papag AG, the daily Puls Biznesu reports. The newspaper claims that while the company is based in Sweden, it is owned by a Polish investor, whose name remains confidential. Local media outlets began speculating that a deal was coming ever since Praktiker filed for bankruptcy last year.
The Polish businessman Michał Sołowiow, once considered a frontrunner to buy the DIY chain, said his company had been in unsuccessful negotiations for a deal. OBI, Castorama, Leroy Merlin, Bricomarche and PSB Mrówka also denied involvement in the transaction, which has yet to be approved by the Polish Antitrust regulator.
“Having posted sales of €165m last year, Praktiker Polska has been the groups’ biggest foreign division,” says Christopher Seagon, a representative for the Praktiker group. “This transaction is the best possible solution both for the company and its employees in Poland.” Seagon also disclosed the group sealed deals for the sale of the retailer’s networks in Ukraine, Romania and Bulgaria.
