Dubai-based Arqaam Capital, an emerging markets investment bank, said today that it acted as the exclusive financial adviser to Cairo-based Magrabi Retail in the purchase of a controlling stake in the Turkish optical retailer, Sisli Optik Ticaret.  

Magrabi participated in a competitive bidding process and closed the transaction, having secured favourable terms. Arqaam provided M&A advisory services and assistance in raising acquisition financing.

The transaction marks Magrabi's first acquisition outside the Mena region.  The additional Sisli stores will now see the network expand to a total of over 160 retail outlets, across 10 countries, a statement said.  

Riad Meliti, CEO of Arqaam, said: “As an emerging markets investment bank, we specialise in facilitating capital flows into rapidly growing and dynamic markets, such as Turkey.  Our understanding of both the local market and the dynamics of emerging countries has allowed us to assist Magrabi Retail, in growing beyond the Mena region.”

Amin El-Maghraby, CEO of Magrabi, said: “Having demonstrated a strong working model in existing geographies, Magrabi Retail is now targeting new markets in which to replicate its model.  Turkey has been eyed as a potential market given the strength of its macroeconomic fundamentals and the growing retail sector.  Arqaam provided us with the necessary, additional, support to successfully complete this milestone transaction.” - TradeArabia News Service