Czech Republic-based EP Group has unveiled plans to launch a voluntary cash tender offer for French retailer Fnac Darty before the end of the first quarter of 2026.
The bid was unanimously supported by the retailer’s board in principle and will be made through a newly created subsidiary EP FR HoldCo.
The entity is owned 56% plus one share by EP Group, controlled by Daniel Kretinsky, and 44% minus one share by J&T Capital Partners.
Under a tender offer agreement with Fnac Darty, EP Group aims to purchase all shares and bonds convertible into or exchangeable for shares (OCEANEs) that it does not already hold, while stopping short of undertaking a squeeze-out.
The group has set the price at €36 ($42.72) per share, including the 2026 dividend for the 2025 financial year, and €81.09 per OCEANE, which incorporates €0.06 of accrued interest.
The share offer represents premiums of 19% to the closing price on 23 January 2026, 24% to the one-month volume-weighted average price and 26% to the three-month VWAP.
At that level, Fnac Darty’s equity is valued at €1.1bn.
EP Group chairman and CEO Daniel Kretinsky said: “Since our entry into the capital in 2021, we have been able to appreciate the strength of Fnac Darty’s omnichannel model and the relevance of its ‘Beyond Everyday’ strategy. With this friendly offer, which has been welcomed by the board of directors, we want to consolidate our commitment by becoming the majority shareholder in the long term.”
EP Group affiliate VESA Equity Investment, which entered the company in 2021, held 28.5% of the shares as of 26 January 2026.
The company stated that its registered office and management will remain in France, it will keep its current leadership team, adjust the board’s composition to reflect the new ownership structure, and maintain its existing dividend policy.
The deal is fully financed, with backstop facilities in place to cover any early debt repayment triggered by change-of-control clauses.
The transaction remains subject to regulatory clearances, employee consultations, the statutory caducity threshold of more than 50% of capital or voting rights, and review by France’s Financial Markets Authority (Autorité des Marchés Financiers, AMF).
“EP Group plans tender offer for Fnac Darty shares and bonds” was originally created and published by Retail Insight Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
