Saudi Arabian retailer BinDawood Holding has confirmed that it is looking to acquire a majority stake in Paris-based marketing agency Ykone, a subsidiary of France's TF1 Group.
The operator of hypermarkets and supermarkets has already entered into exclusive negotiations for the potential acquisition through its wholly owned subsidiary Future Technology Retail (FTR), the company said in a statement.
TF1 Group is a French leader in content production, publishing and distribution. Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.
The agency has presence in Europe, Asia and the Middle East, providing services on strategy, talent management, content production and monitoring to more than 200 brands worldwide.
The potential deal will be undertaken through a French subsidiary company to be incorporated by FTR, BinDawood Holding said.
BinDawood has a portfolio of 78 stores, which include 52 hypermarkets and 26 supermarkets spread across the kingdom.
(Reporting by Cleofe Maceda; editing by Seban Scaria )