Arcandor sells HSE24 to AXA
Insolvent German retail concern Arcandor has sold its teleshopping channel HSE24 to French financial investor AXA Private Equity.
The parties agreed to confidentiality regarding the sale price, but according to information obtained by Financial Times Deutschland the amount was between €150 and €200 million.
“With the sale of the shopping channel we can immediately secure around 500 jobs,” insolvency administrator Klaus Hubert Görg said in Frankfurt am Main. Stephan M. Illenberger, managing director of AXA Private Equity, explained: “We are pleased that as a stable investor we can continue the company HSE24. The channel’s future now stands on a secure basis and this is the most important thing at the moment, especially for the employees.”
With revenues of €352 million in 2008, HSE24 is the second largest teleshopping channel in Germany after QVC. According to industry sources, other interested parties included mail order company Otto, US investor Golden Gate and financial investor Triton.