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Oct 01, 2007 14:05 EEST
BUCHAREST (Romania), October 1 (SeeNews) – UK-based investment fund Equest Investments Balkans said on Monday it has acquired a majority stake in Romanian household appliances retailer Domo Retail for 62.5 million euro($88.97 million).
Equest Investments Balkans has bought a 75% stake in the Romanian retailer through its subsidiary Lynx Property. The acquisition was financed by Lynx Property with 30 million euro and a 35 million euro loan from Raiffeisen Zentralbank Osterreich, Equest said in a statement.
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Depending on Domo’s financial results in 2007 and 2008, Lynx Property may acquire the remaining 25% of Romanian retailer from its founding shareholders, the statement added.
As of February, Cyprus-based Dominuse Management owns 74.4% in Domo Retail, Dutch Westerham Holding has a 14.8% stake, the investment fund Fondul Romano American pentru Investitii holds 9.3% and local businessman Alexandru Mnohoghitnei controls 1.5%.
Domo Retail has some 120 stores, including seven in Bulgaria. It reported 122 million euro ($166 million) in turnover in 2006, virtually unchanged from the previous year. Its 2006 turnover from its Bulgarian operations was three million euro.
($ = 0.7025 euro)
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