Tashkent, Uzbekistan (UzDaily.com) -- Kazakhstan’s Magnum Cash & Carry chain has acquired all Carrefour stores in Uzbekistan from Majid Al Futtaim Uzbekistan.

Under the terms of the agreement between the two companies, Carrefour stores in Uzbekistan will now operate under the Magnum brand.

Once all regulatory requirements have been met, Magnum Cash & Carry will assume full control of the company’s activities upon closing the deal.

Magnum Cash & Carry has 2 stores in Uzbekistan. Magnum plans to continue its investments in the economy of Uzbekistan, the active growth of retail space, the creation of new jobs, the improvement of service and the development of its own production in Uzbekistan, the Kazakh company noted.

Majid Al Futtaim Uzbekistan and Magnum Cash & Carry intend to work closely together to ensure a smooth transition for workers, suppliers, all stakeholders and minimize inconvenience to existing customers.

Following the completion of the deal, Carrefour stores are expected to close for a short period of time to refresh their range and promotions.

Carrefour network came to Uzbekistan in 2020. The network has six stores in Tashkent and Samarkand.