AEIB the broker for CompuMe-i2 deal in UAE
Retailer provides full details of new structure following recent MBO
Arab Emirates Investment Bank (AEIB) has been revealed as the finance house behind the recent management buy-out involving the UAE operations of CompuMe and i2.
As revealed on itp.net last month, Dikran Tchablakian, the former senior VP of retail at i2 and founder of CompuMe, became the new owner and CEO after buying the UAE operations of i2 and the 60% share that i2 owned in CompuMe UAE. The company will now be known as CompuMe & i2.
At a press conference to formally announce the agreement yesterday, AEIB was named as the organisation which brokered and finalised the deal.
"The AEIB played a key role in the management buy-out of CompuMe and i2 after taking into consideration our history and the company's strong track record in information technology, mobile phones and innovative solutions," said Tchablakian.
It is understood that AEIB does not have a stake in CompuMe-i2 UAE business. Its role was purely a financing and legal advisory one.
"An experienced team from the bank worked hard in putting the right recommendations and prepared a roadmap for today's challenging business environment," said Tchablakian.
According to Tchablakian, the management buy-out will lead to a greater focus on the growth of the company and its expansion.
In addition to its own-brand stores, CompuMe UAE is also the authorised ‘concessionaire' partner for Virgin Megastores following an agreement between the companies last year. CompuMe UAE operates the in-store IT, digital and mobile phone sections at Virgin stores in the UAE, Qatar, Bahrain, Jordan, Kuwait and Egypt.