Nordic Business Report-October 30, 2006-Norwegian consumer electronics trading group Expert ASA enters Finnish market
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Norwegian consumer electronics trading group Expert ASA said on Friday (27 October) that it has agreed to acquire a 51% stake in Finnish consumer electronics retail chain Expert Konepiste J Oja Oy.
The purchase sum was not disclosed, but Expert said that it includes a fixed cash payment and additional payments based on an earn-out model. Expert can also increase its holding in 2013 or 2015.
Expert Konepiste J Oja comprises eight wholly-owned and Expert branded stores in Helsinki and Tampere, and is expected to achieve a turnover of EUR30m in 2006. The chain is the largest group within Expert Finland.
Expert characterised the share purchase as an "important first step into the Finnish market".
Expert ASA, headquartered at Gjellerasen outside Oslo, Norway, is the Nordic region's second largest consumer electronics trader with some 1,000 stores in Norway, Denmark, Sweden and Estonia. The group is a member of the Expert International and Expert Global sales organisations. Expert is listed on the Oslo Stock Exchange.
One British pound (GBP) is worth approximately 1.48 euros (EUR).
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