Ownership change for i2 and CompuMe brands
Dikran Tchablakian becomes owner and CEO of combined retail businesses in the UAE
CompuMe and i2 have finalised a deal that has seen their ownership structure change in the UAE.
Dikran Tchablakian, the former senior VP of retail at i2 and co-founder of CompuMe, has become the owner of the new organisation and will also serve as CEO.
It is understood that Tchablakian has been working on driving an MBO-style deal for some months, marking a shift in ownership structure between the two firms.
The company said in a statement that a "major restructuring" of management had taken place following the agreement although it did not provide further details.
Back in 2005, i2 and Tchablakian acquired the UAE operations of CompuMe from CompuMe British Virgin Islands through a 60-40 partnership. At the end of 2006 the pair began negotiations on a share-swap deal that would see the i2 Group acquire CompuMe. That particular agreement was finalised in January 2007, with i2 vowing to spend US$35m on developing 150 new multi-concept stores.
Tchablakian couldn't be reached for comment on the latest developments but in a statement he said he believed the new company was in a strong position to move forward in the market.
"As one of the eldest players in the market, we have always been committed towards our clients and partners in the region and we are confident that the new brand will raise the competency level within the industry," he said.
In addition to the UAE, i2 and CompuMe have operations in a number of countries in the region, including the UAE, Saudi Arabia, Qatar, Bahrain, Egypt and Jordan. The deal involving Tchablakian only involves the UAE businesses, however.
"i2 and CompuMe were well known for their leading IT mega stores in the Middle East that provide an innovative and extensive range of digital and IT products and services to consumers in the region and therefore we are expecting that i2 Compume will pave the way for a new era in electronic business solutions in the entire region," said Tchablakian.