Saudi Arabia’s supermarket and hypermarket chain, BinDawood Holding has entered into exclusive negotiations for the potential acquisition of a majority stake in the French marketing firm, Ykone.
Ykone is a subsidiary of TF1 Group, through its wholly-owned subsidiary, Future Technology Retail (FTR). TF1 Group is a French leader in content production, publishing and distribution. The potential transaction will be undertaken through a French subsidiary to be incorporated by FTR, BinDawood Holding said in a statement to Tadawul.
Ykone has a presence in Europe, Asia, the US and the Middle East. It provides end-to-end services on strategy, talent management, content production and monitoring to more than 200 leading brands across the globe, including the MENA region.
Once an acquisition agreement has been signed, the legal and regulatory processes will be pursued by both parties to complete the acquisition process. Respective shareholders will be informed of any future developments in this regard.
BinDawood Holding has two unique retail chains, BinDawood and Danube, with a grocery retail chain footprint of 78 stores in 15 cities in Saudi Arabia. Recently, the group reported its first quarter 2022 financial results.
As per the company’s statement, revenue in Q1 2022 was $312.7 million, up 4.5 percent as compared to the same period last year. On a sequential basis, revenue increased by 11.2 percent, from $281.3 million in Q4 2021.
In March 2022, the company bought a majority stake in eCommerce app manager and developer International Applications Trading Co for an initial payment of $28.7 million that could increase subject to future profitability milestones.