Dixons Retaill is the parent company of a group of retail brands selling high technology consumer electronics, personal computers, domestic appliances, photographic equipment, communication products, and related financial and after-sales services.
Dixons Retail (LON:DXNS) has taken control of PIXmanie by acquiring the 22 percent interest in the business held by its founders to take its total stake to 99 percent.
In return for the interest in PIXmania, Dixons will pay founders Steve and Jean-Emile Rosenblum €10 million in cash.
PIXmania’s e-Merchant platform provides the basis of Dixons’ UK & Ireland multi-channel operations as well as for a number of other third party clients. According to Dixons, the rest of its operations continues to face significant challenges.
The acquisition will allow Dixons to take full day to day control of the business. The group said the deal is in line with its strategy to “take the necessary actions to improve the performance of this strategically important business”.
“PIXmania is the heart of our very successful UK multi-channel business and this will ensure the stability and flexibility to continue to improve the experience for the customers of that business,” said chief executive of Dixons Sebastian James.
“PIXmania’s own trading business continues to face strong market headwinds and this move will also allow us to manage the company in line with the Group’s wider strategy and take the decisive actions necessary to improve its performance.”