Alhokair Group offered $93 million for Spain’s Blanco

Saudi Arabia-based company Alhokair Group has received an offer from a fund managed by a Dubai-based investment bank to sell Spanish brand Blanco for 350 million Saudi riyals ($93 million). 

This comes only two and a half years after the retailer acquired Blanco for over $15 million. If a deal is closed, the payment would be made over five instalments, a statement said.

Alhokair Group also owns and manages franchises for Gap Inc, Marks & Spencer Group Plc, Topshop and Aldo in the Kingdom of Saudi Arabia and the Middle East.

The company’s management team is currently reviewing the offer, but the transaction will also be subject to shareholder approval at an extraordinary meeting, as among the investors in the fund is Fawaz Alhokair Abdulaziz, current chairman of Alhokair Group.

Blanco has 245 stores across 23 countries, including Spain, Portugal, France, UAE, the UK, Greece, Qatar, Marrakesh, Russia, Mexico and the Netherlands, as well as dedicated e-commerce platforms for Spain, Portugal and France.