Carrefour and Majid Al Futtaim Holding reorganize and strenghen their partnership
The Carrefour Group today announced the sale of its 25% stake in Majid Al Futtaim Hypermarkets for €530 million to its regional partner, Majid Al Futtaim Holding.
They also strengthened their existing exclusive franchise partnership by further extending its time horizon and expanding its scope.
Partners since 1995, Carrefour and Majid Al Futtaim operate 50 hypermarkets and 44 supermarkets in several countries in the Middle East, North Africa and Central Asia through their joint subsidiary, Majid Al Futtaim Hypermarkets.
Under the agreement signed today, 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.
Carrefour expresses its full confidence in Majid Al Futtaim’s ability to continue to develop the brand successfully and consolidate its position in these growing markets.
Closing of the transaction is subject to approval by the relevant authorities.
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