The group said the disposal would simplify its structure, enabling it to focus on its larger markets of the UK and Ireland and Nordics. It will also strengthen its balance sheet, increase flexibility to invest and grow the business, and improve shareholder returns.

In September, Currys stuck to annual guidance as it reported falling sales in most markets for the four months to the end of August, but said UK trends were improving despite ongoing challenges in the Nordics. 

The firm earlier this year cancelled its final dividend and lowered pension contributions to save cash as its Nordic business continues to battle tough competition. 

“As a group, we’re focused on maintaining our encouraging momentum in the UK and Ireland and getting the Nordics back on track,” chief executive Alex Baldock said. 

Analysts at Liberum said the deal was an “excellent outcome” for Currys.

They said applying the achieved multiple of 14 times earnings before interest and tax to the rest of Currys suggests a valuation of more than double its share price before the deal was announced. 

Public Power Corporation said the deal was a “transformation move, in a market that is changing globally” in an era of energy transition. 

Meanwhile, Wickes Group, the British DIY retailer said selling price inflation remained broadly flat in the past months and it expects this to continue for the remainder of the year and into 2024. 

Still, third-quarter sales in its “do-it-for-me” segment were down 4.4% as customers took longer to commit to big-ticket purchases.