CECONOMY to acquire the remaining 21.62% stake in Media Saturn from Convergenta for €815m.

CECONOMY, a German consumer electronics retailer, agreed to acquire the remaining 21.62% stake in Media Saturn, a consumer electronics company, from Convergenta, an investment company of the Kellerhals family, for €815m ($989m). The closing of the transaction is subject to the approval of CECONOMY's shareholders' meeting. As a consequence of the transaction, Convergenta will, prior to exercising the conversion right, become a shareholder with a stake of approx. 25.9% of the share capital of CECONOMY. Convergenta aims at a stake of up to 29.9% of the ordinary shares.