Dubai Holding to Buy Stake in Zara’s Middle East Operator - Bloomberg:
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter.
The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said.
A spokeswoman for Dubai Holding didn’t immediately respond to requests for comment, while a spokeswoman for Azadea declined to comment.
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