Dubai group completes $2.4 billion purchase of Kuwait food firm
DUBAI - A Dubai-based investor group led by the head of property giant Emaar on Thursday 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-percent 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 percent 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 percent stake.
The 268.5 million shares were sold for 2.65 dinars ($8.8) per share, the bourse statement said.
Americana owns more than 1,690 outlets and employs 63,000 workers in the Middle East and North Africa region. It also has 17 factories and produces various food products.