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Adeptio, the Gulf investment fund, has secured agreement with the majority investor in Kuwait Food Co. to buy its shares in the food manufacturing and restaurant business.

The investment vehicle of Dubai businessman Mohammed Alabbar, has struck a deal to buy 69% of Kuwait Food Co. from Al Khair National for Stocks and Real Estate Co. for US$2.4bn, The Financial Times reported. Adeptio will launch a mandatory offer for the remaining shares of Kuwait Food Co., which is also known as Americana.

“We are delighted to have acquired one of the crown jewels of the Middle East,” Alabbar was quoted as saying.

Americana manufactures frozen foods including California Garden beans and Farm Frites, as well as being a franchise operator of restaurants including Yum! Brands’ KFC and Pizza Hut.

The announcement of a deal followed came after on-off talks between Adeptio and Al Khair National for Stocks and Real Estate Co., an entity owned by the al-Kharafi family.

It emerged last week negotiations had re-started after the collapse of talks last month. In February, the two sides announced a deal subject to due diligence. At the time, Bloomberg reported that agreement valued Americana at $1.8bn. When Al Khair National for Stocks and Real Estate Co. announced at the end of May discussions had broken down, no reason was given.

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By GlobalData