The Czech Office of Competition Protection has authorized Allegro.eu to carry out the Mall Group and WE | DO CZ purchase transaction, the company said. Thus, another condition precedent, on which the closing of the transaction depends, has been fulfilled.
At the beginning of December, Allegro.eu announced that it had received the opinion of the Ministry of Economy, Development and Technology of Slovenia as the competent authority for the control of foreign direct investment in Slovenia that the acquisition of Mall Group and EC | DO CZ is not subject to the approval of foreign direct investment in Slovenia, and this opinion ends the proceedings in the above case.
As a result, as at the date of publication of this current report, two conditions precedent stipulated in the SPA agreement have been met. At the same time, the four remaining conditions precedent stipulated in the SPA agreement regarding the approvals of the relevant antimonopoly authorities indicated in the report of November 4, 2021 remain unfulfilled, the company announced.
Allegro announced on November 4 that it would take over 100% of the shares in Mall Group and WE | DO CZ from the selling shareholders PPF, EC Investments and Rockaway Capital, for a total amount of EUR 881 million, based on the company’s valuation of EUR 925 million adjusted by debt and debt items of € 44 million.
Allegro is the number 1 trading platform in Poland. Sales are mainly carried out by companies via the e-commerce platform Allegro.pl. The value of products sold (GMV) on the group’s platform accounted for approx. 3% of the retail market in Poland in 2019. Since October 2016, Allegro belongs to the funds of Cinven, Permira and Mid Europa.
