Dubai’s Majid Al-Futtaim (MAF) announced Thursday its full ownership of the Carrefour franchise in the Middle East and North Africa (MENA) after purchasing the 25 percent minority stake that was owned by the renowned worldwide retailer.
MAF stated that the acquisition was worth $682.6 million.
MAF has exclusive rights on the French franchise in MENA and Central Asia, operating 50 hypermarkets and 44 supermarkets under the Carrefour brand.
Under the agreement signed, the 18-year-old exclusive franchise partnership with the Carrefour Group was renewed until 2025 and extended to new formats and new countries.
Carrefour Group is the second largest retailer worldwide and the largest retailer in Europe, with more than 364,900 employees across the world and more than 10,000 stores in more than 30 countries.
In April, Reuters reported that MAF was in advanced discussion to buy Egypt's largest supermarket chain from the family-owned Mansour Group.
A due diligence process for the purchase of Mansour Group's Metro chain and discount grocery store Kheir Zaman has been concluded. Mansour Group's retail businesses are worth an estimated $200 to $300 million.