Austrian furniture retail group XXXLutz has secured approval to acquire online German furniture retailer home24 SE.
The European Commission (EC) launched an investigation into the proposed merger due to potential competition concerns, which has now been deemed as unlikely with permission being granted.
In a previous statement on the acquisition, it is intended to provide long-term, strategic and sustainable financial support for home24’s growth strategy, as well as strengthen and help expand home24’s market position as a pure-play home and living e-commerce destination.
XXXLutz’s takeover offer is for all outstanding shares of home24 at a price of EUR 7.50 per share.
Commenting on securing approval, a statement said: “RAS Beteiligungs GmbH, LSW GmbH and SGW-Immo-GmbH, three entities connected to XXXLutz Group have received the antitrust approval for the acquisition of home24 SE. Thereby, the takeover can be settled within the next days. XXXLutz intends to delist the home24 shares after settlement of the offer.
“XXXLutz is looking forward to seize future growth opportunities together with home24 and to serve as a strong partner, giving the company stability and impetus to pursue its future path.”
XXXLutz, which operates more than 370 furniture stores in 13 European countries with an annual turnover of €5.34bn, will keep the existing home24 management team and will continue to be run independently.