Adaptio agrees to acquire majority stake in Kuwait’s Americana for $2.4bn

By bne IntelliNews June 20, 2016

Adaptio, an investment vehicle for a group of investors led by Dubai businessman Mohamed Alabbar, reached a final agreement to purchase a majority 69% stake in Kuwait Food Co (Americana) for $2.4bn, Reuters reported.

Americana owns the Middle East franchises for a number of fast food chains such as KFC and Pizza Hut and produces branded consumer foods as well. Following the completion of the stake takeover, which is the crown jewel in the business empire of Kuwait’s Kharafi merchant family, Adaptio will be obliged to make a mandatory takeover offer for the remaining Americana shareholders.

The offer ought to be made at the KWD2.65 per share offered to the Kharafis, representing a 26% premium over the last quoted market price at the time of the announcement of the acquisition.

Adaptio is in talks to finance the deal through securing $1.5bn bridge loan from a group of banks including First Gulf Bank, Emirates NBD, Credit Suisse and Standard Chartered.

Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more

Dismiss