March 30 (Bloomberg) -- Media-Saturn, the consumer-electronics chain owned by Metro AG, said it agreed to buy online retailer Redcoon to boost internet sales.
A contract for the purchase was signed today, the Ingolstadt, Germany-based unit of the country’s biggest retailer said by e-mail today. Redcoon operates in 10 European countries, including Germany, and had sales of 354 million euros ($499 million) in the last fiscal year, the statement shows.
Media-Saturn, Europe’s biggest consumer-electronics retailer, has had some online operations in the Netherlands and Austria since last year and has said repeatedly it wants to add revenue through an online store. Redcoon is among the industry’s “internationally leading” businesses, it said.
“Redcoon fits perfectly into the Media-Saturn portfolio,” the Metro unit’s Chief Executive Officer Horst Norberg said in the statement. Redcoon will operate independently from the unit’s store-based business, he said.
Media-Saturn didn’t disclose the purchase price for Aschaffenburg, Germany-based Redcoon. Redcoon’s CEO and founder Reiner Heckel will keep his post, Media-Saturn said.
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