French retail giant Carrefour Group has announced the sale of its 25 per cent stake in Majid Al Futtaim Hypermarkets for €530m.
Carrefour's partner in the region, Majid Al Futtaim Holding, will take over the available shares, giving it a 100 per cent stake in the group.
The two companies have been partners since 1995, jointly operating 50 hypermarkets and 44 supermarkets in various countries in the Middle East, North Africa and Central Asia through their subsidiary Majid Al Futtaim Hypermarkets.
The companies' exclusive franchise agreement has also been renewed until 2025, Carrefour revealed, and has been extended to new formats and new countries.
In a statement, Carrefour announced that it was confident Majid Al Futtaim would "continue to develop the brand successfully and consolidate its position in these growing markets".