Fortunes reversed with CompuMe acquisition of i2 UAE

UAE retailers CompuMe and i2 Mobile have been acquired in a management buyout led by chief executive Dikran Tchablakian.

Tchablakian had owned 40 per cent of digital and IT products and services provider CompuMe, with the rest of the company owned by Saudi based mobile retailer i2.

Tchablakian has now acquired the other 60 per cent of CompuMe, as well as 100 per cent of i2’s operation in the UAE, making an undisclosed investment in the venture.

i2 group’s operations are spread across 21 countries, and are being sold to local partners. The retail deal is restricted to i2’s operations in the UAE only.

Tchablakian (second from the left) details the management buyout of i2 and CompuMe

“The buyout will allow us to focus on the growth of the company and its expansion. We will now use the synergies of both firms to create more powerful brands,” Tchablakian said.

The deal was brokered by the Arab Emirates Investment Bank.

The combined CompuMe and i2 retail entity has 17 outlets, the majority of which are located in Virgin Megastores. At the same event at which the companies detailed the management buyout, CompuMe and i2 also detailed plans to extend their partnership with Virgin Megastores across the Middle East, offering IT, digital and mobile phones sales support.

Tchablakian founded CompuMe in 1998, starting franchise operations covering UAE, Saudi Arabia, Egypt and Bahrain. In December 2006 Tchablakian and i2 began negotiations on a share-swap deal for CompuMe to be acquired by i2 Group, with the deal finalised in January 2007. Tchablakian acquired 40 per cent of the UAE group.

Later in 2007 i2 when on to acquire CompuMe, taking control of CompuMe’s UAE business as well as the franchise stakes CompuMe owned in Bahrain, Egypt and Saudi.