Chinese e-commerce company JD confirmed it is considering buying Currys after the UK’s electrical retailer rejected a £700 million offer from US fund management firm Elliott Advisors. As the inflation crisis in the UK hurt consumer spending affecting Currys’ sales, which include everything from laptops and TVs to washing machines, the hundred-year-old company saw a pre-tax profit blow in the fiscal year that ended April 29, 2023, drop to £119 million from £192 million a year earlier. In a regulatory filing, JD said it is “in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys.” [Reuters]

Related