The Carrefour Group recently announced the sale of its 25% stake in Majid Al Futtaim Hypermarkets for €530 million to its regional partner, Majid Al Futtaim Holding.
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.
Majid Al Futtaim will own 100% of Majid Al Futtaim Hypermarkets. The exclusive franchise partnership with the Carrefour Group is renewed until 2025 and extended to new formats and new countries.
Closing of the transaction is subject to approval by the relevant authorities.
Clifford Chance lawyers advising Carrefour were:
- In France, Mathieu Remy and Dessislava Savova (Partners), Marianne Pezant (Counsel), Justine Souchay and Alexander Kennedy;
- In Dubai, Nigel Wellings (Partner) and Roxana Ghiassee.