Latham Advises Al-Futtaim on Acquisition of a Majority Stake in Cenomi Retail

Latham & Watkins has advised Al-Futtaim, a leading global group in automotive, real estate, and retail, on its acquisition of a 49.95% stake in Cenomi Retail, Saudi Arabia’s leading retail brand partner, for a total consideration of SAR 2.52 billion, at SAR 44 per share. As part of the transaction, Al-Futtaim has agreed to extend a shareholder loan facility of SAR 1.35 billion to Cenomi to further strengthen its balance sheet and support future expansion.

This transaction marks one of the largest foreign strategic investments in a Saudi-listed retail company, underscoring the Kingdom’s position as a premier global investment destination and a thriving hub for consumer-driven growth. Aligned with the goals of Saudi Vision 2030, the partnership supports key national priorities, including economic diversification, private sector development, and the transformation of the retail sector.

The Latham team was led by Riyadh partners Salman Al-Sudairi and Leen Zaza, with associates Naif Albattal, Dana AlDhuwaihi, Saba Al-Gosaibi, Mohammed AlZaben, Sumaya Bamakhrama, Mira Fayad, Nick Scott, and Hatem Abdulghaffar.