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Eyewear company Magrabi Retail is planning to acquire a 51% stake in Baraka Optics Group, one of the largest optical chains in Egypt.
Financial details and a timeframe for the acquisition have not been disclosed.
The transaction is subject to regulatory approvals and will mark the Dubai-headquartered retailer’s third such major deal in 18 months, which included the acquisition of Kuwait optical chain Kefan Optics in May of last year.
The retail group also announced its merger with Rivoli Vision, the eyewear division of the UAE-based Rivoli Group, in September 2024 as part of a move to expand its Gulf footprint.
Following the latest acquisition, Baraka will be integrated into Magrabi Retail with the company assuming full day-to-day management of the business, while supporting the expansion of the business across Egypt.
(Writing by Bindu Rai, editing by Seban Scaria)
