Dubai group completes $2.4b purchase of Kuwait food firm

AFP, KUWAIT CITY: A Dubai-based investor group led by the head of property giant Emaar yesterday completed the nearly $2.4 billion acquisition of a majority stake in Kuwaiti food company Americana, Kuwait's stock exchange said.
Emaar chairman Mohamed al-Abbar's investment firm Adeptio and Kuwait's Al-Khair National for Stocks and Real Estate signed the deal for a 66.8-per cent stake in Americana worth 711.5 million Kuwaiti dinars, the bourse said in a statement.
Al-Khair manages equity and real estate stakes for Kuwait's wealthiest business family, Al-Kharafi.
Established in 1964, Americana is the parent group that brought to the Middle East more than a dozen major food brands like Pizza Hut, KFC, Costa Coffee and TGI Friday's.
The bourse said Adeptio paid 10 per cent of the value of the deal and will pay the rest on Sunday.
Under Kuwaiti law, Adeptio is obliged to offer the same price to the holders of the remaining 33.2 per cent stake.

Dubai group completes $2.4b purchase of Kuwait food firm

AFP, KUWAIT CITY: A Dubai-based investor group led by the head of property giant Emaar yesterday completed the nearly $2.4 billion acquisition of a majority stake in Kuwaiti food company Americana, Kuwaits stock exchange said. Emaar chairman Mohamed al-Abbars investment firm Adeptio and Kuwaits Al-Khair National for Stocks and Real Estate signed the deal for a 66.8-per cent stake in Americana worth 711.5 million Kuwaiti dinars, the bourse said in a statement. Al-Khair manages equity and real estate stakes for Kuwaits wealthiest business family, Al-Kharafi. Established in 1964, Americana is the parent group that brought to the Middle East more than a dozen major food brands like Pizza Hut, KFC, Costa Coffee and TGI Fridays. The bourse said Adeptio paid 10 per cent of the value of the deal and will pay the rest on Sunday. Under Kuwaiti law, Adeptio is obliged to offer the same price to the holders of the remaining 33.2 per cent stake.