Having signed franchisee deals to open French retailer Carrefour supermarkets in Israel, and 7-Eleven convenience stores, Electra Consumer Products (TASE: ECP) is setting its sights on other retail sectors. The company has now signed a Memorandum of Understanding (MoU) to buy 18 stores of the Adidas brand in Israel from Arik Maman. On April 26 Electra Consumer Products signed the MoU to buy and operate the Adidas brand sports equipment stores in two stages. On completion of the deal Electra will buy 49% of the shares in the company operating the stores for NIS 15 million. When Electra Consumer Products receives approval from Adidas, it will pay an additional NIS 15 million for the balance of the shares and full ownership. Maman has a franchise from Adidas to operate the 18 stores until 2030. Published by Globes, Israel business news - en.globes.co.il - on June 9, 2022. © Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
