UAE-based malls and retail firm Majid Al Futtaim (MAF) has announced the acquisition of Geant supermarket Middle East franchise owner Retail Arabia from Dubai’s BMA International in a deal estimated to be worth up to $500m.
Retail owns 26 stores under French supermarket chain Geant across the UAE, Bahrain and Kuwait and four Gulfmart supermarkets in Bahrain.
MAF said all of the acquired stores including hypermarkets, supermarkets and convenience stores would be rebranded under Carrefour, the rival French supermarket chain it franchises in the Middle East and North Africa.
This will bring the total number of Carrefour stores in the UAE from 67 to 80 and increase the brand’s footprint to 11 and 8 in Bahrain and Kuwait respectively.
The value of the deal was not disclosed but Bloomberg reported last year that BMA was planning to sell a controlling stake in the business worth up to $500m.
Earlier this month, the news service cited sources as saying Saudi Arabian retailer Bindawood Holding was also among the bidders for Retail Arabia.
“We are open to further prospects, through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach,” said Alain Bejjani, CEO at Majid Al Futtaim – Holding.
“Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
MAF confirmed that all Retail Arabia’s employees would be retained following the acquisition.