Dubai’s Majid Al Futtaim, the Middle East operator of French retailer Carrefour, has acquired Retail Arabia, the franchisee of Geant hypermarket stores in the UAE, Bahrain and Kuwait.
Retail Arabia operates 26 hypermarkets and supermarkets in the UAE, Kuwait and Bahrain as well as four Gulfmart supermarkets in Bahrain.
The value of the deal was not disclosed.
All of the acquired stores will be re-branded under Carrefour.
This will see Carrefour extend its leading position in the UAE by increasing its store count from 67 to 80, while in Bahrain and Kuwait, it will further establish the brand as one of the largest grocery retail operators by increasing its stores to 11 and 8 respectively.
Majid Al Futtaim has confirmed that all Retail Arabia’s employees will be retained following the acquisition.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim Holding, commented: “This acquisition is a major milestone for Majid Al Futtaim, one which further cements Carrefour’s position as the largest and most successful grocery retailer in the region and beyond. 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. Our ambition is to expand our physical as well as our omni-channel offering.”
Geant, a franchise of French grocery retailer Casino Guichard-Perrachon, began its Middle East operations in 2001 with a store in Bahrain.
Majid Al Futtaim was advised by Perella Weinberg Partners on the transaction.