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Emaar to sell $335.2M online shopping unit to Noon

Emaar to sell $335.2M online shopping unit to Noon

ArabFinance: UAE-based developer Emaar Properties’ board of directors approved in principle the sale of its online shopping platform Namshi to Noon in consideration of $335.2 million, according to a bourse statement on August 19th.

The deal was valued by an independent valuer approved by the Emirati Securities and Commodities Authority.

The consideration of the deal equals the equity value of Namshi whose enterprise value amounts to $350 million.

“This is adjusted for the debt at the company level and the normalized working capital required for the company,” Emaar said.

Emaar noted that it will disclose further details of the deal once Noon’s board approved the transaction.

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