Dubai-based Majid Al Futtaim on Thursday said it has acquired 26 Geant stores and four Gulfmart supermarkets in the UAE, Bahrain and Kuwait from BMA International’s Retail Arabia.
Majid Al Futtaim, the holding company which owns and operates shopping centres in the Middle East and North Africa, said all of the acquired stores will be rebranded under Carrefour.
The deal will increase Carrefour store count in the UAE from 67 to 80, while in Bahrain and Kuwait it will increase number of stores to 11 and 8, respectively.
All Retail Arabia’s employees will be retained following the acquisition, the company said.
Alain Bejjani, CEO at Majid Al Futtaim Holding, said: “This acquisition is a major milestone for Majid Al Futtaim, one which further cements Carrefour’s position as the largest and most successful grocery retailer in the region and beyond.
“We are open to further prospects, through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach. Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
Majid Al Futtaim was advised by Perella Weinberg Partners on the transaction. The value of the deal was not stated.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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