Adeptio, a group of Gulf investors backed by Emaar chairman Mohamed Alabbar, has agreed to buy a majority stake in Kuwait Food Co (Americana) – which owns the Middle East franchises for KFC and Pizza Hut and also produces branded consumer foods – from the Kuwaiti merchant family Kharafis against a sum of about $2.4 billion.
According to the agreement with Al Khair National for Stocks and Real Estate, controlled by the Kharafis, all of Al Khair’s Americana shares will be bought at KD2.650 each by Adeptio, representing a 26% premium over their last market price.
“We look forward to building on Americana’s success and taking advantage of the growth potential of the business going forward,” says Alabbar.
After Adeptio completes the purchase of the stake from the Kharafis, it will, reportedly, launch a mandatory takeover offer to remaining Americana shareholders at the same price under Kuwaiti securities rules.
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