Czech billionaire Daniel Kretinsky, through his company EP Group, has launched a public takeover bid for Fnac Darty, the French retailer of electronics, household appliances, and cultural products. The offer, announced on January 26, 2026, proposes a price of €36 per share in cash, representing a 19% premium over Fnac Darty’s closing share price before the announcement, and 24–26% over the weighted average share price over the past one and three months. The bid also includes Fnac Darty’s convertible bonds (OCEANEs) at €81.09 per bond.
EP Group, which already controls 28.5% of Fnac Darty through its subsidiary Vesa Equity Investment, would acquire additional shares to exceed 50% ownership, but has no intention of pursuing a compulsory withdrawal from the Paris Stock Exchange. The offer will be filed with the French Financial Markets Authority (AMF) before the end of the first quarter of 2026 and is subject to regulatory approvals and staff consultations.
The Fnac Darty board has unanimously welcomed the offer, forming an ad hoc committee of independent directors and appointing the law firm Ledouble to act as independent expert to assess the financial fairness of the proposal. The board highlighted that the bid supports the company’s Beyond Everyday strategic plan, maintains the current management team and headquarters in France, and provides liquidity for shareholders wishing to sell.
CEO Enrique Martinez noted that the project reflects renewed support from Fnac Darty’s largest shareholder and underscores the company’s long-term strategy. Chairman Jacques Veyrat added that the board aims to deliver a reasoned opinion in the coming weeks in the best interests of all stakeholders.
A key factor behind the takeover is the potential influence of Chinese e-commerce giant JD.com, which has been increasing its indirect stake in Fnac Darty through the German retailer Ceconomy. By becoming the majority shareholder, Kretinsky would be able to limit JD.com’s influence on the board, in line with conditions imposed last year by the French Ministry of the Economy. (Time France)
The bid is subject to approval by the French and Swiss competition authorities as well as the European Commission. Fnac Darty also announced plans to divest wellness retailer Nature & Découvertes, acquired in 2019, citing underperformance and seeking a partner to support its development.
Preliminary, unaudited results for 2025 indicate that Fnac Darty expects stable revenue of €10.3 billion and a modest increase in operating income to €203 million. France, representing nearly 60% of sales, saw a slight 0.6% decline in the fourth quarter, reflecting ongoing market challenges.
Fnac Darty, present in 14 countries with nearly 30,000 employees and over 1,500 stores, recorded over €10 billion in revenue in 2024, including Italian retailer Unieuro. The group continues to pursue growth through its omnichannel model, service expansion, and circular economy initiatives.