Leading UK videogames retail chain GAME Group has announced that it has acquired French retailer Addon, which operated ten stores, in a deal worth 6.2 million Euro.
The move is the latest expansion in continental Europe for GAME, and brings the number of stores in Franch to 88 - well on track to meet the group's target of 100 stores in the country by Christmas.
Established in 1994, Addon had revenues of around 18.5 million Euro in the year ended March 31st, and pre-tax earnings of about 1 million Euro - a sum which GAME expects to increase as the economies of being part of a larger group take effect.
"This acquisition gives further momentum to our European expansion strategy, and ensures that we will have over 100 owned stores trading in France for the key Christmas trading period," explained GAME chief executive Martin Long.
"The acquired business has an existing customer base in locations where GAME is not currently well represented," he continued. "As we move towards the launch of the new handhelds and console technologies, the acquisition demonstrates our ongoing commitment to strengthen our market leading position within Europe."