Reports have emerged that DSGi approached Media Markt at the beginning of this year, with a view to selling itself to its German-rival.
According to the Financial Times, sources close to both companies have confirmed that the approach did indeed take place earlier this year, but was rejected by Media Markt because of the size of the deal.
DSGi runs around 1,500 stores across Europe, while Media Markt has just over 500. Despite that, the German-based firm is the bigger of the two retailers by revenue.
The approach is thought to have been prompted by Best Buy’s move into Europe. Speculation about the retailer’s intentions emerged as early as January 9th, after the firm bought a three per cent stake in Carphone Warehouse.
However, it wasn’t until May that the retailer formally announced plans to move into the UK.
When asked, both firms said that no formal negotiations or plans are in existence currently.