Dubai-based investment company Adeptio, a group of Gulf investors backed by Emaar chairman Mohamed Alabbar, has reportedly signed a preliminary agreement to buy a controlling stake in Kuwait Food Company – known as Americana that owns the Middle East franchises for fast food chains KFC and Pizza Hut – against a price in the range of $1.7 billion.
The consortium has agreed to buy 69% stake in Americana from Al Khair National for Stocks and Real Estate Company owned by Kuwaiti Al Kharafi family. After due diligence and acquisition of Al Khair’s stake, Adeptio plans to launch a mandatory takeover offer for Americana in accordance with the rules and regulations of the Kuwaiti Capital Markets Authority and Kuwait Stock Exchange.
“Americana is a truly unique asset with a long and successful history. We see a bright future for Americana and look forward to working with management to realise the significant growth potential in the business going forward,” says Alabbar.
“This represents an important milestone for Americana. We have no doubt that under Alabbar’s leadership Americana will be able to reach new heights as the leading food and quick service restaurant group in the region,” adds Americana board member Loay Jassim Al Kharafi.