Kuwait's Sultan Center Makes Major Lebanese Acquisition

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Kuwaiti retailer The Sultan Center (TSC) has announced its acquisition of Lebanese food retailers Monoprix and Geant Casino from local company Admic, in a deal worth US$108mn. Under the terms of the agreement, TSC will take over five Monoprix supermarkets, which will be renamed TSC Plus, as well as the Geant supermarket, which will be rebranded under the TSC Mega banner. Although the initial price tag for the store chain was US$97mn, this shot up by US$11mn when TSC decided that it would also buy the store's stock. This acquisition is in line with TSC's expansion strategy, as it looks