07.06.2013

Media-Saturn acquires an additional 10 percent of redcoon and makes it a 100 percent subsidiary

Ingolstadt / Aschaffenburg, 07.06.2013: As of 7 June 2013 the Media-Saturn Group holds 100 percent of the shares in online retailer redcoon. When it acquired redcoon in 2011, Media-Saturn secured the option of purchasing the remaining 10-percent share at a later point in time. Collaboratively with Reiner Heckel, CEO and co-founder of redcoon, the Group has now finalized the offer. Reiner Heckel has decided to sell his shares and leave the management board at the same time. He will continue to support the company in an advisory function. An agreement has been made not to disclose the amount of the purchase price.

A new CEO is to be appointed. Martin Wild, Vice President Online of Media-Saturn-Holding GmbH, will provisionally take on this role on an interim basis, with immediate effect.

Effective immediately, the management board of redcoon GmbH will thus consist of Martin Wild, interim CEO, Axel Grimm, CFO since 1 May and formerly CFO of Media-Saturn E-Business Concepts & Services GmbH, and Andreas Oerter, CPO of redcoon since November 2011 and formerly CPO of the Portuguese subsidiary of Media-Saturn-Holding.

In addition, Patrick van der Linden, who until recently was COO of MediaMarkt (Shanghai) Consulting Service Company Limited, will soon be enhancing the redcoon management board as COO with a focus on the company’s international development.

Horst Norberg, CEO of Media-Saturn-Holding GmbH: “As our third retail brand, redcoon is already an integral part of our Group which is developing very well and with which we still have a lot of things planned. It was only logical for us to acquire the remaining 10 percent offered and thus make redcoon a 100 percent subsidiary. We are very pleased about this opportunity. At the same time, we would like to thank Reiner Heckel for his efforts and commitment to developing and integrating redcoon into Media-Saturn-Holding GmbH.”

As a so-called Internet pure player, redcoon complements the Group’s online portfolio: whilst the two retail brands Media Markt and Saturn focus on an interconnected multichannel strategy, redcoon sells a constantly growing range of electronics products and books solely via the Internet. Around 260,000 consumers from ten European countries visit the online shop every day. The retail brand, which has around 650 employees, is one of the largest online shippers of consumer electronics in Europe.