RIYADH: BinDawood Holding Co. has received approval from its shareholders and board to acquire an 80.5 percent stake in Ykone, a subsidiary of French TF1 Group.

The acquisition will be made through its newly established French subsidiary Future Retail for Information Technology Co., with the option of purchasing an additional 4.9 percent, according to a bourse filing

BinDawood said it will assist Ykone in improving its technology platform to enable the company to expand into other industries and verticals and to gain deeper access to the Middle Eastern markets.

“The acquisition of Ykone represents another important milestone in Future Technology Retail’s ambition to invest in all segments of the retail e-commerce value chain.”  BinDawood CEO Ahmad BinDawood said.

“This investment in cutting-edge marketing technology and a trusted, full-service agency, with a global and local footprint, will strengthen the growth of our business and enhance our focus and nimbleness in making informed marketing decisions for our Danube and BinDawood brands, whilst providing a platform to Ykone for accelerated growth in the Middle East and beyond.” He added

Ykone is a profitable global influencer marketing agency, with a proprietary technology offering, specializing in travel, beauty, fashion, and luxury brands, operating in Europe, Asia, the US, and the Middle East.