- Posted May 23, 2013 by
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MAJID AL FUTTAIM ACQUIRES FULL OWNERSHIP OF THE CARREFOUR FRANCHISE IN THE REGION
Cairo, May23 2013- Majid Al Futtaim Holding today announced the purchase of the 25% 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 brandin several countries in the Middle East, North Africa and Central Asia.
Under the agreement signed, Majid Al Futtaim will own 100% 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.