Cenomi Retail Executes M&A Deal with Abdullah Al Othaim Fashion Through EFG Hermes Advisory

Cenomi Retail Executes M&A Deal with Abdullah Al Othaim Fashion Through EFG Hermes Advisory

By Staff Writer, 19 March 2024

EFG Hermes, a subsidiary of EFG Holding Company, has successfully provided advisory services for a merger and acquisition (M&A) endeavor involving Cenomi Retail, as announced in a recent press release.

In this strategic move, the retail behemoth Cenomi Retail has outlined plans to divest a curated portfolio of brands to Abdullah Al Othaim Fashion Company, a wholly-owned subsidiary of Abdullah Al Othaim Investment Company.

The deal materialized through a definitive share purchase agreement between Cenomi Retail and Abdullah Al Othaim Fashion, resulting in the acquisition of 100% of the share capital of Innovative Outfit Trading Company. This significant transaction was finalized in February 2024 following the necessary regulatory approvals and fulfillment of agreed-upon commercial conditions.

The transaction is in harmony with Cenomi Retail’s ongoing transformation initiative, which centers on prioritizing key brands in the fashion, electronics, and food and beverage sectors.

Abdullah Silsilah, Director of Investment Banking at EFG Hermes, expressed satisfaction with the achievement, stating, “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 assumed the role of the sell-side advisor to Cenomi Retail throughout the transaction process.

Furthermore, Cenomi Retail has recently forged a partnership to introduce eight renowned international brands into the Uzbekistani market, signaling its continued efforts to expand its global footprint.

Source: Mubasher

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