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French insurance broker SFAM buys 11% stake in Fnac Darty

French insurance broker SFAM Group SA is paying €335 million for an 11% stake in French electronics retailer Fnac Darty SA, Reuters reported Feb. 6.

The purchase will make SFAM the second-biggest shareholder of Fnac Darty following Ceconomy AG, the German electronics retailer that purchased a 24% stake for €452 million in July 2017.

SFAM said it had no intention of taking control of Fnac Darty, according to a statement cited by Reuters. It also reportedly called the transaction a long-term investment and said additional shares could be purchased depending on market opportunities.