The German electronics giant with the big red signs and “scheisse-cheap” tech stuff has been one of the more established players on the Swedish market since they opened their first store outside Heron City in Stockholm 17 years ago.
But now it is sold out in Sweden and Mediamarkt announces that they are selling their 29 physical stores around the country to Norwegian ownership Power which also takes over the company’s 1,300 employees. Before the purchase goes through, however, the deal must be approved by the competition authorities, which is expected to happen this summer.
Dr. Karsten Wildberger, CEO of Ceconomy and Mediamarktsaturn: “We are pleased to have found a promising solution for the further development of our Swedish operations through the agreement with Power. We have continuously invested in our operations in Sweden over the past few years and have built up a good market position. Together with Power, we have all the conditions to grow sustainably and profitably from this position. The collaboration with Power strengthens our market penetration in Sweden and at the same time opens up growth opportunities in other northern European countries. This is good news for our employees, customers and partners .”
“For Power, the Swedish market is the missing counterpart to exploit new potential. The merger with MediaMarkt Sweden and the acquisition of the local stores is the perfect opportunity for Power to enter the Swedish market also within stationary products and to supplement and expand it the existing online business with a strong stationary presence,” says Ronny Blomseth, CEO of Power International AS.
How do you remember Mediamarkt?
