Vendex acquires Brico

Vendex has come to an agreement with the Belgian GIB group on its acquisition of Brico Belgium s.a.. The Brico group operates DIY retail chains in Belgium under the Brico logo (97), in France as Obi (37) and in Spain (15) and Portugal (10) under the name of AKI. The takeover is subject to approval by the European cartel authority.
Once the transaction has been successfully completed, Vendex intends to sell the stores in Spain, France and Portugal on to Leroy Merlin. This will also require the approval of the European cartel authority. Leroy Merlin already operates DIY stores in Spain as well as in Brazil, Italy, Poland and Belgium.
A going-concern value of € 505 mio is being mentioned for the acquisition of GIB’s DIY activities. Leroy Merlin will pay Vendex € 342 mio for the stores in France, Spain and Portugal.
Of the 97 Brico stores in operation in Belgium, 41 are run directly by the group and 56 are franchising operations. Vendex intends to carry on the business under the current management and name. The Vendex KBB group, which has up to the present operated 17 Praxis and 83 Formido stores in the Netherlands, will become one of the most significant DIY retailers in the Benelux countries with net sales in excess of € 1 bn following its takeover of Brico.