TJ Maxx Owner Takes Stake in Mideast’s Brands for Less (1)

The owner of T.J. Maxx has acquired a 35% stake in Dubai-based Brands for Less for $360 million, giving the US discount retailer access to fast-growing consumer markets in the Middle East.

TJX Cos. is buying into the firm at an enterprise value of $1.2 billion, according to a statement. Brands for Less said TJX, with its 5,000 stores globally, would support the firm’s expansion in the Persian Gulf and beyond, including Malaysia and Singapore.

The transaction is the latest sign of robust mergers and acquisitions activity in the region, where oil exporters like the United Arab Emirates and ...