Kazakhstan’s Magnum Cash & Carry has reached an agreement to acquire all Carrefour stores in Uzbekistan from Majid Al Futtaim Uzbekistan, the correspondent of “Gazeta.uz” reports.
In accordance with the terms of the agreement, Carrefour stores in Uzbekistan will be opened under the Magnum brand.
“Magnum Cash & Carry will assume full control of the company’s activities at the closing of the transaction, when all regulatory requirements have been met”, – the message says.
Magnum was founded in 2007. Now it is a multi-format grocery retail chain with 234 stores in Kazakhstan and 2 stores in Uzbekistan.
“Magnum plans to continue its investments in the economy of Uzbekistan, the active growth of retail space, the creation of new jobs, the improvement of service and the development of its own production in Uzbekistan”, – the company said.
The company employs more than 13 thousand employees in Kazakhstan and 350 employees in Uzbekistan. Now the staff of Carrefour stores in Uzbekistan will join the Magnum team.
“Majid Al Futtaim Uzbekistan and Magnum Cash & Carry intend to work closely together to ensure a smooth transition for employees, suppliers, all stakeholders and minimize inconvenience to existing customers”, – the company noted.
Stores will close for a short period of time after the deal is completed to refresh their range and promotional offers, the announcement said.
In October 2019, Majid Al Futtaim signed an agreement with Akfa Group to open seven super- and hypermarkets in Tashkent, planned to be located in facilities owned by Akfa.