Majid Al Futtaim Holding has bought Carrefour's 25 per cent stake in its hypermarket business for €530 million (Dh2.50 billion).
Under the deal signed today, Majid Al Futtaim will own 100 per cent of Majid Al Futtaim Hypermarkets’ shares, the Dubai-based retailer said in a statement.
At the same time, MAF extended its exclusive franchise partnership with the Carrefour Group until 2025.
The pair have been partners since 1995, with 50 hypermarkets and 44 supermarkets under the Carrefour brand throughout the Middle East, North Africa and Central Asia.
The disclosure comes as the group expands rapidly from its Dubai base where it is known for its City Centre chain, and the Mall of the Emirates with its indoor ski slope.
In Cairo, it is building the massive Mall of Egypt, while rival Dubai company Al Futtaim Group is developing Cairo Festival City.
Last month it said it was in advanced talks to buy Egypt’s largest supermarket chain. It has concluded a due diligence study surrounding the deal to acquire the Metro chain and discount grocery store Kheir Zaman from the Mansour Group.