Buyout of CompuMe and i2 Mobile in UAE announced, in a deal finalized by Arab Emirates Investment Bank
CompuMe and i2, two leading retailers now operating in the UAE under one management as ‘CompuMe & i2’, have announced a full management buyout. The company also announced the signing of a partnership deal with Virgin Megastore for the concession of IT, digital and mobile phones sales support.
The deal, brokered by Arab Emirates Investment Bank (AEIB), was announced at a press conference in Dubai, attended by the Company’s top management and officials from AEIB and Virgin Megastore, where the new company and its expansion plans were unveiled for the first time.
“The buyout will allow us to focus on the growth of the company and its expansion. 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,” said Dikran Tchablakian, CEO of both CompuMe & i2 UAE.
“The AEIB played a key role in the management buyout 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,” added Tchablakian.
Tchablakian, a veteran entrepreneur, has been a leader in IT retailing for a long time, after working in France and Italy. He moved to the Middle East in 1983 to work with Al Alamiah in Kuwait and later in Saudi Arabia, engaged in the distribution and marketing of computer related products, and went on to establish 50 retail showrooms of SAKHR in the Kingdom. In 1995, he moved to Dubai and launched NewTek dealing in IT services, which was later expanded into EJADA, one of the largest IT services company in the region. In 1998, Tchablakian founded CompuMe, the No. 1 IT Megastore in the Middle East, with franchise operations covering UAE, Saudi Arabia, Egypt and Bahrain.
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”.
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.”
CompuMe & i2, as two leading IT, Digital & Mobile retailers in the Middle East, have distinguished themselves as enablers of innovative and extensive range of Digital & IT products and services to consumers in the region. The combined CompuMe & i2 aspire to open a new era in electronic business solutions in the entire region through innovation, high-level customer service and highest professional standards.