CompuME & i2 announce management buyout
Full buyout announced, plus tie up with Virgin Megastore.
June 1, 2010 2:33 by Samuel Potter
CompuME and i2, two leading retailers in the UAE, have confirmed a full management buyout, according to a release.
The pair, which operate under one management in the UAE as ‘CompuME & i2′ announced the buyout at a press conference in Dubai. The new company also unveiled expansion plans following the deal, which was brokered by Arab Emirates Investment Bank.
At the same time it also announced the signing of a partnership deal with Virgin Megastore for the concession of IT, digital and mobile phones sales support.
“The buyout will allow us to focus on the growth of the company and its expansion,” said Dikran Tchablakian, CEO of both CompuMe & i2 UAE. “We will now use the synergies of both firms to create more powerful brands. This is where the deal with Virgin Megastore comes in. Virgin Megastore will help us reinforce our leadership position, market reach, driven by our extensive experience and market knowledge.”
Toufic Eido, New Business & Concessionaire Manager at Virgin Megastore, said: “At Virgin Megastore, we always aim to provide enhanced services to our clients. It was therefore natural for us to tie up with CompuMe & i2 to provide the best technologies in IT and mobile phones for the region’s consumers. We are confident this partnership will yield good results and help us expand our client network.”
Michael Pastores, Director of Investment Banking at AEIB, said: “The buyout and merger will empower the new company to play a more dominant role in the region. We worked closely with the company’s management to ensure smooth transition and work out a viable business model. A skilled and experience team of the bank studied the history of the company which helped in putting the right recommendations and prepare a growth roadmap for today’s challenging economic environment”.