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22nd March, 2019

Extreme Digital and eMag to merge

Consumer durable and electronics retail chains Extreme Digital and eMag will merge, Extreme Digital CEO Balázs Várkonyi announced on Thursday.

The merger will probably take place in the third quarter after approval by the competition authority GVH, he added.

The new company will have its headquarters in Budapest and will expand into other countries in Eastern Europe.

Extreme Digital will have a 48% share and eMag 52% in the new company.

The merged company will have annual revenues close to Ft 70 billion.

Extreme Digital generated Ft 36 billion in revenue in 2018, for a 10% market share. Profits came to Ft 150 million.

Both brands will be kept in order to retain customers, Várkonyi highlighted.

South African investor Naspers group owns eMag.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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