Unieuro Delisting: A New Chapter for Fnac Darty and Ruby Equity Investment

The voluntary public tender and exchange offer for all the shares of Unieuro S.p.A. (Unieuro) has reached a significant milestone with the successful settlement of the Joint Procedure and the delisting of Unieuro shares from Euronext Star Milan. The Offer, launched by Fnac Darty SA (Fnac Darty) and RUBY Equity Investment S.à r.l. (Ruby), aimed to acquire all outstanding shares of Unieuro, excluding those already held by the Offerors and Fnac Darty V SAS.



The settlement of the Joint Procedure was completed on January 8, 2025, with the Offerors acquiring the remaining 139,558 Further Remaining Shares for which Requests for Sale Concerning the Joint Procedure were submitted. The Requesting Shareholders opted for either the Consideration for the Offer or the Full Cash Alternative Consideration, with the Non-Requesting Shareholders entitled only to the Consideration for the Offer. The Offerors also notified Unieuro of the irrevocable instructions given by Fnac Darty for the creation of the necessary Fnac Darty shares for the payment of the Share Portion due to Non-Requesting Shareholders.

The successful completion of the Joint Procedure and the delisting of Unieuro shares from Euronext Star Milan mark a new chapter for Fnac Darty and Ruby Equity Investment. The acquisition of Unieuro will create a leading player in the specialized retail sector in Europe, with a combined turnover of over €10 billion and approximately 30,000 employees. The transaction is expected to generate synergies of over €20 million and an increase in earnings per share of over 10% from 2025, primarily driven by improved purchasing conditions and the integration of private label activities.

The delisting of Unieuro shares from Euronext Star Milan will have an impact on investors, as it will result in a loss of liquidity and reduced transparency for the company. However, the acquisition by Fnac Darty and Ruby Equity Investment is expected to bring strategic benefits to Unieuro, such as reduced regulatory burden and increased flexibility in decision-making processes. The long-term effects of this delisting on the Italian stock market and the broader European economy will depend on various factors, including the integration plans of the new owners, the competitive landscape in the retail sector, and the overall economic conditions in Europe.

In conclusion, the settlement of the Joint Procedure and the delisting of Unieuro shares from Euronext Star Milan mark a significant milestone in the acquisition of Unieuro by Fnac Darty and Ruby Equity Investment. The transaction is expected to create a leading player in the specialized retail sector in Europe, with potential benefits for both the company and its investors. However, the long-term effects of this delisting on the Italian stock market and the broader European economy will depend on various factors, and investors should closely monitor the developments in the retail sector and the European economy.