Gulf Countries

EFG Hermes announces the completion of the acquisition and merger of Cinomy Retail

EFG Hermes Investment Bank, a subsidiary of EFG Hermes Group operating in the Middle East and North Africa markets, announced today the successful completion of the advisory services for “Synomy Retail” in a merger and acquisition deal.

“Synomy Retail” is a leading retail company in the Kingdom of Saudi Arabia.

In December 2023, “Synomy Retail” signed a share purchase agreement with “Abdullah Al Othaim Fashion” to acquire 100% of its subsidiary, “Innovative Dress Commercial,” which holds franchise rights to 16 brands. This deal was finalized in February of the current year after obtaining necessary approvals and fulfilling regulatory commercial conditions.

Abdullah Salsal, a manager in the Promotion and Subscription Coverage sector at EFG Hermes, expressed pride in the pivotal role the company played in completing this deal, which aligns with the company’s strategic objectives to expand in Saudi Arabia.

This deal marks one of the notable achievements of “Synomy Retail” as part of its transformation program, focusing on leading brands in fashion, electronics, food, and beverages.

EFG Hermes acted as the transaction advisor for the seller, “Synomy Retail,” while Clyde & Co. acted as the legal advisor. On the other side, Latham & Watkins served as the legal advisor for “Abdullah Al Othaim.”

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