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  • Battle royal over 50 percent stake in Greece’s biggest price comparison site

    ΤοΒΗΜΑ Team

    The decision of the listed company Dionic to sell its 50 percent stake in Greece’s biggest price comparison search engine, www.skroutz.gr has triggered a market competition, as several companies, including viva.gr, have already expressed an interest.

    The hugely popular site is named after the miserly, penny-pinching and legendary literary character Ebenezer Scrooge, from Charles Dickens’ Christmas Carol.

    The site was formed in 2004 by a group of electrical engineers who were graduates of the Athens Polytechnic, and is now valued at 20 million euros.

    It began with the participation of 15 electronic shops, promoting 40,000 products.

    It now works with 2,500 stores and boasts that it allows for comparisons between 12 million products.

    The company also creates websites and portals, and owns two more sites, according to the Dionic Group website, www.gameover.gr and www.mobilearena.gr.

    In 2016, the company had a 7.5 million euro turnover and pre-tax profits of 800,000 euros. It has no outstanding loans.

    Dionic, which bought its share in 2008, is selling off in a bid to drastically reduce its borrowing, which now stands at 50 million euros, mainly from Eurobank.

    The remaining 50 percent stake belongs to the original three founders of the company, who retain the management and the right of first refusal.

    The 50 percent share is currently valued at 10 million euros.

    International