Label’Vie S.A. and Retail Holding S.A. have announced a planned merger that will combine their businesses into a single listed company on the Casablanca Stock Exchange.
The deal will see Label’Vie absorbed into Retail Holding, creating a larger retail group operating across supermarkets, wholesale cash and carry, fashion and fast food. The combined portfolio includes Carrefour, Atacadao and Supeco in food retail, Kiabi in clothing, Brands & Corners in culture, and Burger King in fast food.
The companies are betting on strong growth over the coming years. They expect revenue to rise from 21.7 billion dirhams in 2025 to 47.0 billion dirhams in 2030, which would mean steady annual growth of 16.7%.
Profits are also expected to increase significantly. EBITDA is forecast to reach 3.8 billion dirhams by 2030, compared with 1.7 billion dirhams in 2025. Net profit is expected to grow at nearly 29% a year on average, reaching 1.434 billion dirhams by the end of the decade. The merger is also expected to generate cost savings and efficiencies worth 118 million dirhams in EBITDA in 2027, rising to more than 166 million dirhams from 2028 onwards.
Rachid Hadni, Chairman of Label’Vie S.A., said: “This operation is part of the ongoing development of Label’Vie S.A. It aims to expand the activities of the new entity by integrating new brands within a coherent, diversified, and structured group.
“It will allow us to benefit from Retail Holding S.A.’s ability to identify and bring out new growth drivers, opening new perspectives in Morocco and internationally.”
Riad Laissaoui, Chairman of Retail Holding S.A., said: “This operation concretises a strategic convergence between two long-term partners. It should allow Retail Holding S.A.’s brands to benefit fully from the operational expertise of Label’Vie S.A. to accelerate their development within a more integrated group.”
The transaction will take the form of a full share exchange with no cash payment. Shareholders of Label’Vie will receive eight shares in Retail Holding for every eleven shares they currently hold. The valuation of Label’Vie has been set at 12.464 billion dirhams.
The new group plans to maintain dividend payouts of between 55% and 60% of net profit.
The merger still needs approval from regulators and shareholders, including the Moroccan Capital Market Authority. If approved, it is expected to take effect in August 2026.
