Brandes Investment Partners, the San Diego-based private equity firm, has become the second largest shareholder in Praktiker, the German chain of home improvement stores.
The firm now owns more than 5 percent of Praktiker's shareholder voting rights as of Dec. 13, 2005. The German retail group, Metro, owns the largest share with 40 percent.
Last month Praktiker sold off 53 of its stores to a European real estate fund. The sale included 35 locations in Germany, 8 in Greece and 10 in Hungary. The deal is worth about 480 million Euros (US$580 million).
The retailer's recent initial public offering, that resulted in Praktiker being listed on the German stock exchange, netted about 360 million Euros (US$435.3 million).
Praktiker operates more than 287 stores across Europe including 245 locations in Germany.
