UAE group purchases 25 per cent minority stake from Carrefour group
Dubai: Majid Al Futtaim Holding on Wednesday announced the purchase of the 25 per cent minority stake owned by Carrefour Group in Majid Al Futtaim Hypermarkets LLC for €530 million.
The two groups also strengthened their exclusive franchise partnership by extending its time horizon and expanding its scope.
Partners since 1995, Majid Al Futtaim operates 50 hypermarkets and 44 supermarkets under the Carrefour brand in several countries in the Middle East, North Africa and Central Asia.
Under the agreement signed, Majid Al Futtaim will own 100 per cent of Majid Al Futtaim Hypermarkets' shares. The exclusive franchise partnership with the Carrefour Group is renewed until 2025 and extended to new formats and new countries.
Majid Al Futtaim sees this as a strategic transaction driving long-term growth, with its demonstrated expertise and track record to develop the brand successfully, and will keep and strengthen the strategic partnership with Carrefour in new countries and new formats.
Closing of the transaction is subject to approval by the relevant authorities, Majid Al Futtaim Holding said in a statement.
© Gulf News 2013
