Dubai Businessman Mohamed Alabbar Heads up Consortium to Buy Controlling Stake in Middle East and North African Food Giant
20 Jun 2016 --- A Dubai businessman is heading up a consortium to purchase a controlling stake in the food production and restaurant business which owns the Middle East and North African franchise rights for Pizza Hut and KFC in a deal valued at $2.4billion.
It is buying the controlling stake in Kuwait Food Company, known as Americana, which is owned by Kuwait family the Kharafis.
In a statement, Alabbar said: “We are delighted to have acquired one of the crown jewels of the Middle East. We look forward to building on Americana’s success.”
Adeptio made the higher bid of $2.4bn after an earlier bid of $1.8bn failed to result in a deal.
Kuwaiti stock exchange rules dictate that Adeptio will now have to launch a takeover for the outstanding shares in Americana, which runs over 1,500 outlets in North Africa and the Middle East including the Costa Coffee brand.
The 59-year-old Alabbar is known as a businessman in the real estate and property development industry.
He is the founder and chairman of Emaar Properties, one of the biggest real estate development companies in the Middle East.
To contact our editorial team please email us at editorial@cnsmedia.com
Subscribe now to receive the latest news directly into your inbox.
