Investment giant Blackstone announced Monday it will purchase the Greek online shopping platform Skroutz from private equity firm CVC Capital Partners Fund VII.
According to a source with knowledge of the transaction, the deal places a total value of roughly 635 million euros, equivalent to $747 million, on the Greek company when including its debt.
The sale represents a significant win for CVC, with the source indicating the firm will double what it originally invested in the e-commerce business.
While Skroutz’s founding team plans to sell off part of their ownership, they will keep a meaningful stake in the company and remain in leadership roles. George Chatzigeorgiou will stay on as chief executive officer.
This marks another chapter in CVC’s investment activity in Greece. The asset management firm previously divested its majority ownership in Greek insurance company Ethniki Insurance to Piraeus Financial Holdings, one of Greece’s top banks, in a transaction valued at 600 million euros last year.
