Dubai Businessman Buys Stake in Kuwait’s Americana

Prominent Dubai businessman Mohammed Alabbar has bought a controlling stake in food conglomerate Kuwait Food Company, known as Americana, from Kuwait’s Khorafi family for $2.4bn, the biggest Middle Eastern mergers and acquisitions transaction this year. Adeptio, an investment vehicle led by Mr Alabbar, said it entered into a legally binding implementation agreement to acquire the 69 per cent stake of the food production and restaurant chain business held by the Khorafi family’s Al Khair entity. “We are delighted to have acquired one of the crown jewels of the Middle East,” Mr Alabbar said in a statement. “We look forward to building on Americana’s success.”