Fnac Darty's board said on 26 January 2026 that it had received and unanimously welcomed a proposal from EP Group, controlled by Daniel Křetínský, to launch a cash tender offer at €36 per share for the French electronics and books retailer.
Why EP Group is buying Fnac Darty
EP Group, Fnac Darty's largest shareholder since 2023, said it intended to continue the company's 'Beyond everyday' strategy, keep the management team and headquarters in France and maintain the dividend policy, while reshaping the board to reflect the new shareholder structure.
Deal terms and financing
The offer, made through EP FR HoldCo, which is 56% owned by EP Group and 44% by J&T Capital Partners, covers all shares at €36 and all OCEANE convertible bonds at €81.09. Its only success condition is the mandatory lapse threshold of more than 50% of capital or voting rights, and EP does not intend to request a squeeze-out. Ledouble was appointed as independent expert.
Regulatory approvals and timing
The AMF declared the offer compliant in May 2026, with the price adjusted to €35 after the payment of a €1 dividend. EP FR HoldCo notified the European Commission on 14 September 2026; a decision was expected in early November, with the offer due to close by the end of 2026.
Market context
Fnac Darty expected 2025 revenue to be stable at about €10.3bn. Chief executive Enrique Martinez said the relationship with EP Group, the top shareholder since 2023, had enabled the transformative acquisition of Italian electronics retailer Unieuro.
