Dubai: Fashion retailer Marka has agreed to acquire Retailcorp UAE, a subsidiary of Istithmar, part of government-owned Dubai World, for more than Dh220 million, according to a company statement on Sunday.
The acquisition gives Marka ownership of 15 sporting goods outlets, with rights to sell sports products by brands like Nike, Reebok and Adidas. Mall locations include Mall of the Emirates, Mirdif City Centre, Ibn Batuta Mall, Abu Dhabi Mall and Al Ain Mall.
The takeover will be financed by the company’s own funds and banks. The deal is subject to adjustments at final closing.
Marka’s shares on the Dubai Financial Market rose 4.8 per cent at 12:04pm local time.
