DUBAI: A Gulf-based consortium will acquire Al Khair National for Stocks and Real Estate Company's stake in Kuwait's Americana food company. Al Khair has notified Americana about its deal, and asked Americana's board to cooperate with the consortium led by UAE-businessman Mohammad Al-Abbar. The deal must still be approved by Kuwait's Capital Markets Authority. The consortium said it is planning to offer a mandatory acquisition of Americana as per the rules and regulations of the Capital Markets Authority and Kuwait Stock Exchange.
In a statement, Abbar said: "Americana is a leading food group with a long and successful history, and we are delighted to have the opportunity to be part of Americana's rich legacy that was built over the past five decades." He added: "We see a bright future for Americana, and we look forward to the development of the group in the future." The value of the deal has not been disclosed, but the company's estimated value in 2014 was $6 billion. According to the company's last annual report, also in 2014, it saw annual sales of $3.2 billion.
Al Khair has been in numerous talks over the past years to sell its almost 69 percent stake in Americana, starting in August of 2014. By Jan 2015, Savola Group Company, along with private equity funds KKR and CVC, were seen as the main bidders for the company. Saudi's Kingdom Holdings Company also made an offer in 2014. According to its website, American is active in 13 countries and employees over 63,000 people. Americana Group's main business includes KFC, Pizza Hut, Costa Coffee, Krispy Kreme outlets throughout the Middle East. It is one of the largest operators of restaurant chains in the MENA region, with 23 in total. It also manufactures food products, including the California Garden and Koki brands.