Saudi Arabian retailer BindDawood Holding has completed the acquisition of 80.5% stake in Paris-based marketing agency Ykone through its wholly owned subsidiary Future Technology Retail (FTR).
BinDawood said in a statement to the Saudi Stock Exchange (Tadawul) on Monday that the value of the transaction is less than 10% of the net assets of the company. It didn’t disclose the value of the deal.
The financial impact of the deal, which is part of the company's strategy to boost its e-commerce presence, will be reflected in the financial results for the full year of 2022. According data provider Refinitiv, analysts have estimated a net profit of SAR347.48 million ($92.7 million) for the full year, compared with SAR240.56 million a year earlier.
BinDawood's shares closed trading at SAR86.4.
A subsidiary of France's TF1 Group, Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)