UAE’s Adeptio acquires $2.4 bln stake in Americana

Dubai-based consortium Adeptio, led by Emaar Properties chairman Mohamed Alabbar, has completed the purchase of a 66.8 percent stake in Kuwait Food Co. (Americana) for KWD 711.5 million ($2.4 billion), according to a company statement.

Adeptio has acquired about 268.5 million shares of Americana from Al Khair National for Stocks and Real Estate, which is controlled by Kuwait’s Al Kharafi family, at a price of KWD 2.65 per share.

The consortium will launch a mandatory tender offer to the remaining Americana shareholders to purchase their shares at the same price, in line with the regulations of the Capital Market Authority and the Kuwait bourse, the statement said.

Adeptio has appointed Goldman Sachs as financial advisor and Allen & Overy as legal counsel for the stake acquisition, while Rothschild and Clifford Chance are acting as financial advisor and legal counsel, respectively, to Al Khair.

While the consortium had agreed to buy the stake in February this year, Americana said in May that the sale had been scrapped. However, talks between the two parties resumed in June.

However, talks between the two parties resumed in June.

Adeptio initially aimed to secure a $1.5 billion loan from a group of banks including Standard Chartered, Credit Suisse, Emirates NBD, and First Gulf Bank in order to help finance its first offer to buy a majority stake in Americana.

A cash dividend of KWD 0.1 per share and an in specie dividend valued at KWD 0.13 per share was declared at the annual general assembly of Americana in April this year.

Established in 1963, Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut. The company also produces branded consumer foods.