Alabbar leads investor group buying stake in Americana

Adeptio LLC., led by Dubai-based businessman Mohammed Alabbar, has signed an initial agreement to buy Al Khair National for Stocks and Real Estate Co.’s 69 percent stake in Kuwait Food Co. (Americana), the companies said in statements to the Kuwaiti bourse.

Adeptio also represents other investors from Gulf Arab states, its statement said without naming them. The deal is still subject to regulatory approval and franchises, given that due diligence is conducted.

Al Khair is owned by Kuwait's billionaire Al-Kharafi family. Americana, which owns the Middle East franchises for popular fast food chains KFC and Pizza Hut, is said to have a market value of around $2.52 billion.

Alabbar is founder and chairman of Emaar Properties, Dubai's biggest real estate developer. 

"We see a bright future for Americana and look forward to working with management to realise the significant growth potential going forward," Alabbar said in the statement.