Dixons Retail, Europe's second biggest electrical retailer, said today it would take full ownership of online business Pixmania after agreeing to buy out the minority interest of its founders.

The firm said it would pay €10 million for the 22 per cent stake in Pixmania indirectly held by Steve and Jean-Emile Rosenblum. Dixons already held a 77 per cent interest.

The retailer said the acquisition will enable it to take full day-to-day control of Pixmania and improve its performance.

It said Pixmania's e-Merchant platform provides the basis of the group's UK and Ireland multi-channel operations as well as for a number of other third party clients.

"Pixmania's own trading business continues to face strong market headwinds and this move will also allow us to manage the company in line with the group's wider strategy and take the decisive actions necessary to improve its performance," said CEO Sebastian James.

Reuters