Mubasher: EFG Hermes, an EFG Holding Company concluded advisory on a merger and acquisition (M&A) deal for Cenomi Retail, according to a press release.
The retail giant plans to sell a select portfolio of brands to Abdullah Al Othaim Fashion Company, a fully-owned subsidiary of Abdullah Al Othaim Investment Company.
Cenomi Retail reached a definitive share purchase agreement with Abdullah Al Othaim Fashion for the acquisition of 100% of the share capital of Innovative Outfit Trading Company.
This was closed in February 2024 after obtaining the required approvals and completing the agreed-upon commercial and regulatory conditions.
This transaction aligns with Cenomi Retail’s transformation programme to focus on key brands within the fashion, electronics, as well as food and beverage categories.
Abdullah Silsilah, Director of Investment Banking at EFG Hermes, said: “Marking our second transaction in the Kingdom’s retail space in 2024, this not only perfectly aligns with our strategic objectives of bolstering our footprint in Saudi Arabia, but also underscores our commitment to showcasing the nation's vast potential across various sectors.”
EFG Hermes acted as the sell-side advisor to Cenomi Retail on the transaction.
Cenomi Retail recently penned a deal to bring eight international brands to the Uzbekistani market.
