Arab Finance: EFG Hermes, a subsidiary of EFG Holding Company, has concluded advisory on a merger and acquisition (M&A) deal for the Saudi franchise retailer Cenomi Retail, an emailed press release revealed.
Under the deal, Cenomi Retail will sell a selected portfolio of brands to Abdullah Al-Othaim Fashion Company, a wholly-owned subsidiary of Abdullah Al-Othaim Investment Company.
In December 2023, Cenomi Retail had sealed a definitive share purchase agreement with Abdullah Al-Othaim Fashion Company for the acquisition of a 100% stake in Cenomi’s subsidiary Innovative Outfit Trading Company.
The deal was closed last February after receiving the necessary approvals and fulfilling the agreed-upon commercial and regulatory conditions.
EFG Hermes served as the transaction’s sell-side advisor for Cenomi Retail, while Clyde & Co. acted as the legal advisor.
Meanwhile, the legal advisor for Al Othaim was Latham & Watkins.