i2 Group merger with BVI-registered Computer Retailer CompuMe Ltd.: $35m investment to be planned
In the beginning of February 2007 i2 Group has announced the acquisition of computer retailer CompuMe through a share swap deal.
CompuMe is an offshore limited Commercial Company based in Dubai, United Arab Emirates, registered in the British Virgin Islands, with a total capital of US$11 million. The company was established in 1998, IT Investments Group represents the second largest shareholder in the company, currently maintaining 17% of the total shares.
CompuMe is the first computer megastore in the Middle East. Company’s initial plans were to establish 18 megastores in the countries of the region. Now the stores already exist in Dubai, Jeddah, Riyadh, Khobar, and Cairo.
The merger of i2 and CompuMe will make the first one the biggest provider of combined telecommunications, digital electronics and IT products throughout the Middle East and African region.
In the next three years i2 Group is planning to open additional 150 retail outlets in the Middle East and African regions, with a total investment of $35 million. Also the existing 340 i2 retail stores will be revisited for planned refurbishments to include IT and electronic product offerings.
i2 has acquired the UAE operations of CompuMe retail outlets from CompuMe British Virgin Islands in 2005, through a 60-40 partnership. The two companies started merger negotiations in the end of 2006. The agreement was finished in January 2007.
i2 Group started to grow in 2006, when it entered five new markets in Africa, announced two acquisitions and launched its own TV station. Now the company is operating in 22 markets, and is the leading mobile provider in the region.