UK-based electrical retailer Comet has been sold to private investment firm OpCapita for £2. Anglo-French Comet owners Kesa Electricals announced the sale to OpCapita on Wednesday, subject to the approval of shareholders.
Kesa Electricals will pay OpCapita holding companies £50m as part of the deal, and Kesa will retain liability for Comet defined benefit pension scheme.
"Having concluded the review of its strategic alternatives, the board believes that a disposal on the terms agreed with the Purchasers is in the best interests of ordinary shareholders and delivers a more certain outcome than continuing with the turnaround plan," said David Newlands, chairman of Kesa Electricals, in a statement.
Should OpCapita sell Comet on for more than £70m, Kesa Electricals will benefit, said the company. OpCapita will run Comet as a going concern for 18 months.
On Monday, electrical retailers Best Buy announced plans to close 11 UK megastores.