Public joins forces with MediaMarkt Hellas

After months of negotiations, Public, a company owned by Panos Germanos' Olympia Group, and MediaMarkt Hellas, a subsidiary of German group MediaMarkt-Saturn, on Tuesday announced they are forming a new venture, with Olympia holding a 75 percent stake and MediaMarkt-Saturn 25 percent.

This way Olympia will enter the white goods retail market (fridges, washing machines etc), while MediaMarkt has found a solution for its long-suffering subsidiary in Greece so that it can reduce its exposure in this country without withdrawing from it altogether.