(MENAFN) Dubai-based Marka, which focuses on the retail and hospitality sectors, announced that it has acquired Retailcorp UAE, a subsidiary of Istithmar, a Dubai World company, in a deal valued at approximately USD59.89 million, Emirates 24/7 reported.
The acquisition is expected to give Marka ownership of a network of 15 sporting goods outlets across the UAE, with rights to sell sports products manufactured by the world's most respected brands including Nike, Reebok and Adidas.
"This acquisition is in line with our strategy to establish a diverse portfolio of assets and successful businesses. This deal also bolsters and diversifies Marka's revenue sources, our bottom line, and the value we bring to our shareholders," Chairman of Marka said.
Marka also said that it has plans to expand the network of the sporting goods stores, which will be branded under the name of 'Modell's Sporting Goods' in the UAE and across the region as well.
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