EP Group became Fnac Darty’s controlling shareholder after EP FR HoldCo’s tender offer brought the group’s combined holding, including VESA’s existing stake, to 69.3% of the company’s capital and theoretical voting rights.
EP FR HoldCo, the bidder, received 12,131,427 shares and 525,798 OCEANEs, convertible bonds, during the initial offer period from May 12 through Nov. 9. Fnac Darty said the newly tendered shares represented 40.9% of its capital. Adding them to the 28.5% stake held by EP Group affiliate VESA brought the position to 20,577,477 shares. The company calculated the 69.3% figure using its share count as of Oct. 31.
The offer required EP FR HoldCo and parties acting with it to secure more than half of Fnac Darty’s capital or voting rights. Meeting that condition resolves the majority test outlined in earlier coverage of the bid. The Nov. 10 result covers the initial offer period; tenders during the reopening will determine the final count.
Fnac Darty Chief Executive Enrique Martinez welcomed the outcome, saying, “I welcome the successful outcome of this offer.” EP Group Chairman Daniel Křetínský said it “marks an important milestone in our long-term investment in the company.” The retailer sells electronics and home appliances alongside cultural and leisure products. Fnac Darty reported more than €10 billion in 2025 sales, nearly 30,000 employees and about 1,500 stores across 15 countries.
Investors who have not accepted the offer can tender during its second window, scheduled to begin Nov. 12. The reopened terms are €35 per share after Fnac Darty paid its €1 fiscal 2025 dividend on June 5, and €81.16 per OCEANE. The original offer document listed an indicative OCEANE price of €81.12 based on an earlier projected settlement date. EP Group said it would not pursue a squeeze-out after the reopened offer, even if it became eligible to do so. The offer is scheduled to end Nov. 25.
