Electricals retail group Dixons Retail is selling its Swedish business Webhallen for a cash consideration of SEK140 million (£14.08 million) as it seeks to refocus its Pixmania business, it has been announced today.
Webhallen is a subsidiary of the retailer‘s Pixmania brand offering media, games and other related products and has been sold to Norwegian e-commerce company Kamplett AS, with the transaction expected to be completed by the end of next month.
Ole Vinje, CEO of Komplett AS, commented: “We are very pleased that Webhallen will be joining the Komplett Group.
“This acquisition will further strengthen our position in Sweden and Scandinavia. We find Webhallen‘s multichannel strategy very interesting with a view to further development.”
Earlier this year, Dixons announced that it is to shut all of Pixmania‘s bricks & mortar stores and exit its online markets as part of a turnaround strategy after ongoing disappointing results.
Last month, the group disposed of B2B IT firm Equanet as part of its refocus and Dixons Retail CEO Sebastian James believes that this latest sale will help further rationalise its portfolio.
“We continue to explore ways to put Pixmania in a better strategic position,” James said.
“Following a material reorganisation of the business earlier this year, I am pleased that we can confirm another small but significant step in that process today with the disposal of the Webhallen operation in Sweden.”