Etisalat signs deal to fully acquire online marketplace elGrocer

Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has entered into an agreement to fully acquire elGrocer DMCC, an online marketplace for groceries operating across the UAE.

The acquisition will enable Etisalat to increase its services, meet consumers' needs, and drive a diversified and integrated product portfolio, according to a press release on Thursday.

Meanwhile, elGrocer’s strong online services in the UAE will add to Etisalat UAE’s existing marketplace services under the brand ‘Smiles’, including online food delivery and lifestyle offers.

Subject to customary closing conditions, the transaction will be funded by cash and will not have a significant financial impact compared to Etisalat's financials.

It is noteworthy to mention that during the first nine months of 2021, the net profits attributable to the owners of Etisalat rose by 2.9% to AED 7.181 billion from AED 6.978 billion in the same period of 2020.

Mubasher Contribution Time: 18-Nov-2021 06:31 (GMT)
Mubasher Last Update Time: 18-Nov-2021 06:31 (GMT)