The Nordic consumer electronics chain Power takes over Media Markt’s stores in Sweden. The parent company Media Markt Saturn will retain 20 percent. “This is a good move for both Power and Media Markt Sweden,” says Power’s CEO Ronny Blomseth.
The chain is now entering Sweden by taking over the 29 Swedish Media Markt stores that are being rebranded.
Employees, department stores, office space and distribution systems are included in the acquisition, which is expected to be completed in the summer of 2023.
At the same time, Power will take over all customer commitments and customer guarantees. Media Markt will retain a minority stake of twenty percent in Power Sweden.
We complement each other in several areas and both parties have expertise and knowledge of the market that can contribute to increased value creation in the companies in both the long and short term. The deal is a very good solution for the companies as well as for suppliers, employees and customers,” says Ronny Blomseth in a comment.
Media Markt has around 1,300 employees in Sweden and sales of SEK 5.3 billion in 2022.
Following the acquisition, Power will have a total of 269 stores in Norway, Denmark, Finland and Sweden.
Power has always had a clear ambition to enter the Swedish market with physical stores. The merger with Media Markt’s Swedish operations is the final piece of the puzzle to give us the presence we have been aiming for. We are taking over physical stores with both the size and location we desired, combined with skilled and competent employees. That is the key to success,” says Ronny Blomseth.