Saudi fund set to acquire 50% stake in Adeptio from Alabbar

Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a 50 percent stake in Adeptio, the Gulf-based investment firm that recently bought Kuwait Food Co. (Americana), the Saudi Press Agency (SPA) reported on Monday, citing a fund statement.

The sovereign wealth fund will purchase the stake from billionaire businessman Mohamed Alabbar, it said in the statement, without mentioning a value for the deal. After the deal is closed, Adeptio will be equally owned by PIF and Alabbar.

The acquisition comes as part of PIF’s efforts to diversify its non-oil investments and enhance its portfolio in order to generate long-term returns to the kingdom. 

In October, a subsidiary of Adeptio had acquired a 67 percent stake in Americana from Kuwait-based Al-Kharafi family for nearly $2.35 billion, Argaam earlier reported.

Adeptio is planning to submit a mandatory takeover offer to buy the remaining shares owned by public shareholders in Americana.