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Dubai's Majid Al Futtaim buys 26 Middle East Geant stores
June 29, 2017 / 4:46 AM / 5 months ago

Dubai's Majid Al Futtaim buys 26 Middle East Geant stores

DUBAI, June 29 (Reuters) - Dubai’s Majid Al Futtaim , the Middle East operator of French retailer Carrefour, has acquired 26 Geant hypermarket stores in the United Arab Emirates, Bahrain and Kuwait from BMA International.

Majid Al Futtaim, a holding company which also owns and operates shopping centres in the Middle East and North Africa, said in a statement it was acquiring the Geant franchise owner Retail Arabia from BMA International.

The value of the deal, which also includes four Gulfmart supermarkets in Bahrain, was not disclosed.

The number of Majid Al Futtaim Carrefour-operated outlets will increase to 80 stores in the UAE, 11 in Bahrain and 8 in Kuwait following the acquisition.

The supermarket stores acquired from Retail Arabia will all be rebranded under Carrefour and existing employees will be retained, Majid Al Futtaim said.

Perella Weinberg Partners advised Majid Al Futtaim on the transaction. (Reporting by Alexander Cornwell; Editing by Gopakumar Warrier)

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