The Praktiker has a new owner

The Swiss-based strategic investor, the Papag AG takes over the Praktiker Építési- és Barkácspiacok Magyarország Kft., after the Praktiker in Poland – the bankruptcy trustee of the BM Praktiker International GmbH informed MTI on Friday.

The Papag wants to continue its business activities in Hungary under the Praktiker brand name. According to the communication, after change in ownership all of the 19 Praktiker stores in Hungary, and all of the nearly 1,100 jobs are safe. The parties have agreed secretly about the economic framework conditions of the transaction. The approval of the Competition Authority will be necessary to the takeover. The Praktiker Hungary last year achieved sales of approximately 90 million euros. (MTI)