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.