The Office of Competition and Consumer Protection has given consent to the takeover of the Neonet network by x-kom – the second company said in a statement. “The consent of the Office of Competition and Consumer Protection is one of the key conditions of the investment agreement,” it was explained.
Wednesday's announcement from x-kom also explained that “the consent to the concentration of these two entities allows them to immediately start close cooperation on integration processes and defining a long-term strategy.”
“This is another step towards creating a very strong Polish company that will be one of the leaders on the competitive market for the sale of consumer electronics, household appliances and electronics,” it added.
Investment agreement
In October, x-kom and Neonet signed an investment agreement, providing for the eventual takeover of Neonet by x-kom after obtaining the necessary antitrust approvals and approval of the arrangement with Neonet's creditors.
“The agreement deepens the cooperation of both entities, allowing them to achieve numerous synergies that are key to strengthening their further development,” it was reported at the time.
“The transaction of takeover of Neonet by x-kom will create a strong player in the retail sale of computers, RTV, household appliances and consumer electronics, operating in the omnichannel model, with a presence throughout Poland,” it added.
X-kom engages in retail sales of computers and consumer electronics devices in Poland. It has a network of 26 stationary stores and also runs an e-commerce platform. Neonet, a chain of stationary stores and e-commerce stores, specializes in the sale of products from the consumer electronics, household appliances and multimedia industries. It has 200 showrooms. The company is in restructuring.
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