Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has completed the acquisition of a 100% stake in elGrocer DMCC with a value not exceeding AED 38 million.
The acquisition value includes AED 30 million to purchase the whole shares and $2 million to repay a SAFE note, representing the recently contributed capital by a third party, according to a recent press release.
elGrocer DMCC, an online marketplace for groceries, will be consolidated into Etisalat’s financials effective from January 2022.
This acquisition comes in line with Etisalat's strategy to empower consumers, diversify its portfolio, and promote its online marketplace presence.
