By Anthony Shevlin

MediaMarktSaturn, which is majority-owned by Germany's Ceconomy AG (CEC.XE), on Tuesday signed a memorandum of understanding with and France's Fnac Darty (FNAC.FR) to start exclusive talks to create a European retail alliance.

In a joint statement, both parties said the alliance will comprise four core areas including strategic partnership agreements with key suppliers as well as innovation and data collaboration.

The MediaMarktSaturn Retail Group generated total sales of about 22 billion euros ($26.15 billion) in 2016-2017 and is a commerce company for consumer electronics and related services.

Fnac Darty posted pro forma revenue of EUR7.4 billion in 2017 and is France's second e-commerce player in terms of traffic.

The European retail alliance will be open to other parties and no material financial effects are expected on 2018, the companies said.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

May 16, 2018 04:36 ET (08:36 GMT)

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