Dubai group completes $2.4b purchase of Kuwait food firm
A Dubai-based investor group led by the head of property giant Emaar on Thursday completed the nearly $2.4 billion acquisition of a majority stake in Kuwaiti food company Americana, Kuwait's stock exchange said.
Emaar chairman Mohamed al-Abbar's investment firm Adeptio and Kuwait's Al-Khair National for Stocks and Real Estate signed the deal for a 66.8-percent stake in Americana worth 711.5 million Kuwaiti dinars, the bourse said in a statement.
Al-Khair manages equity and real estate stakes for Kuwait's wealthiest business family, Al-Kharafi.
Established in 1964, Americana is the parent group that brought to the Middle East more than a dozen major food brands like Pizza Hut, KFC, Costa Coffee and TGI Friday's.
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