Emaar signs deal with Noon to sell Namshi for $335m – The National

Emaar signs deal with Noon to sell Namshi for $335m – The National

Dubai’s largest listed developer Emaar Properties and e-commerce company Noon entered into a definitive agreement to sell Emaar Malls’ entire share capital in online fashion retailer Namshi to Emirati businessman Mohamed Alabbar's Noon for a total cash consideration of Dh1.23 billion ($335.2 million).

The sale represents an excess of Dh127m on Emaar Malls’ total investment in Namshi, including purchase consideration and subsequent investment, the companies said on Thursday.

“The capital generated through the divestment of Namshi, a non-core asset for Emaar, would be deployed in core focus areas to generate shareholder value,” said a representative of Emaar, the parent company of Emaar Malls.