Romania’s second largest online retailer CEL plans to challenge the takeover of PC Garage by market leader eMag, CEL’s owner Tiberiu Pop, told Ziarul Financiar daily on April 21.
eMag announced on April 15 it had taken over local IT&C online retailer PC Garage. Sales of IT&C products have increased in the past year in Romania, backed by the population’s rising disposable income.
Pop said he objected to the deal, and planned to challenge it through Romania’s antitrust body the Consiliul Concurentei.
CEL reported €40mn revenues in 2015, slightly more than the €37mn revenues reported by PC Garage. eMag, which operates a marketplace in addition to its own sales - meaning it distributes products of other online or offline stores - reported €353mn revenues.
The acquisition of PC Garage is in line with eMag’s recently announced plans to increase sales by more than 40% this year to over €500mn.
Pop mentioned he was in talks for taking over PC Garage in the past, but he lacked financing to pay the price asked by the owner Marius Ghenea, which was reportedly around €8mn.
Related Articles
Eurozone manufacturing growth hits four-year high in April but Middle East war drives record price surge
Eurozone manufacturing activity expanded at the fastest pace in nearly four years in April as factories rushed to build safety stocks ahead of expected price rises and supply shortages linked to the ... more
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more