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

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Islamic State is finished declares Iran's President Rouhani

Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more

Turkey the loser as Baghdad rewards Iran with control of Kurdish oil exports

Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more

Dismiss