French chain of supermarkets Carrefour has sold its stake of 25% in a joint venture active in the Middle East, North Africa and Central Asia, for 530 million euro.
94 locations in 11 countries
Carrefour has sold its remaining stake in the joint venture Majid Al Futtaim Hypermarkets, to its regional partner Makid Al Futtaim Holding. The French distributor and MAF Holding have been partners since 1995 and exploited 50 hypermarkets and 44 supermarkets in 11 countries in the Middle East, North Africa and Central Asia.
The ties between both players will not be cut completely: the exclusive franchise partnership was confirmed until 2025 and will be expanded to other countries and other formats.
(Ex-)partner grows while Carrefour shrinks
MAF Holding has big plans for expansion: the holding is said to be interested in the largest supermarket chain of Egypt, which is currently owned by the family holding Mansour Group. All this while CEO of Carrefour, Georges Plassat, is working on shrinking down the group to its core markets, where Carrefour is the strongest, to help the group bounce back financially.
According to press agency Reuters MAF Holding would finance the takeover through a so-called hybrid bond, that combines debts and shares.