Fnac Darty’s ongoing review includes potential divestment of its Nature & Découvertes brand as part of the strategic context surrounding the takeover.

EP Group, led by Daniel Kretinsky, launched a bid to acquire a majority stake in Fnac Darty at 36 euros per share, valuing all outstanding shares at about 1.1 billion euros.

Fnac Darty’s board unanimously welcomed the offer, signaling cautious engagement and noting that if successful, Kretinsky could surpass 50% ownership since he already holds about 28.5%.

Fnac Darty attributed revenue stagnation to a weak French retail environment, echoing findings from a Bank of France publication on difficult consumer conditions.

Kretinsky is a recurring player in France with prior stakes in TF1, Casino, and TotalEnergies, and his commitment to French assets has been scrutinized before.

The offer includes a cash component for convertible bonds at 81.09 euros per Oceane, representing about a 19% premium to Fnac Darty’s prior close.

Initially, JD.com explored Fnac Darty as part of its European push, but French authorities blocked the path to limit Chinese influence, allowing EP Group to press ahead.

Regulators expect the bid to be filed with AMF by end-Q1 2026, with completion anticipated in the first half of 2026; Fnac Darty operates in 14 countries with over 1,500 stores and more than 10 billion euros in 2024 revenue.

EP Group signaled it does not intend to delist Fnac Darty and would keep the French HQ and current management, while maintaining the existing dividend policy.

The bid values Fnac Darty at over 1 billion euros and requires roughly 230 million euros in equity to reach a controlling stake of over 50%.

The deal components are set against a backdrop of heightened scrutiny on foreign investment in France, with Ceconomy and JD.com both among the relevant shareholders historically.

Preliminary results show Fnac Darty with revenue around 10.33 billion euros and current operating income near 203 million euros, with Q4 weakness dragged by France.