Altex in talks with investment funds

Altex, the operator of the electronics and home appliances retail chains Altex and Media Galaxy, is in talks to sell a minority interest. “An exclusive agreement on the talks with one of the funds will be reached by the end of March. We expect to get 20-30 million euros in capital for a stake of up to 30%,” said Dan Ostahie, Altex chairman. The electronics and home appliances retailer had previously held talks for the sale of a minority interest to AIG New Europe Fund last year, though the negotiations fell through. Altex later negotiated a possible merger with another retailer in electronics and home appliances, Flanco. “There were indeed talks (of a possible merger) but the development strategies of those companies were different and we decided we should each go our own separate ways,” Ostahie added. At the end of last week, Altex opened its fifth Media Galaxy store in the Iulius Mall complex in Iasi, following a one million-euro investment. Altex made 145 million euros in turnover last year, with sales (including VAT) of 170 million euros. ZF