May 11 - Blackstone will acquire Greek e-commerce platform Skroutz from CVC Capital Partners Fund VII, CVC said on Monday. A person familiar with the matter reported that the transaction values the company, including debt, at approximately 635 million euros, which equates to about $747 million using the exchange rate cited in the source material. ($1 = 0.8498 euros)
According to the available information, the sale will result in CVC effectively doubling its original investment in Skroutz. While the agreement includes a partial divestment by the platform's founders, they are expected to retain an ownership stake and continue to run the business. George Chatzigeorgiou will remain in his role as chief executive officer.
Skroutz is identified as one of several assets CVC has invested in within Greece. In a separate transaction last year, the asset manager sold a majority stake in Greek insurer Ethniki Insurance to Piraeus Financial Holdings for 600 million euros, as reported previously.
The material available does not provide additional transactional specifics such as the timetable for closing, the precise share of founders that will be sold, or detailed financing arrangements beyond the reported valuation including debt. The valuation figure was attributed to a person familiar with the matter and therefore reflects reporting that may be subject to confirmation by the involved parties.
Market observers and participants in the private equity and e-commerce sectors will likely follow subsequent disclosures for further detail on deal structure and any regulatory or closing conditions. Until more comprehensive documentation or public filings are released, the published points remain the primary facts about the transaction.