KUWAIT Kuwait Food Co's (Americana) (FOOD.KW) biggest shareholder said on Wednesday conditions for Gulf-based Adeptio to buy its 69 percent stake have been met, paving the way for the completion of the $2.4 billion deal.
Al Khair National for Stocks and Real Estate said Adeptio will now proceed with the acquisition of the shares according to the Kuwait market's rules and regulations.
Adeptio, an investment group led by prominent businessman Mohamed Alabbar, agreed in June to buy the majority stake in Americana, which owns the Middle East franchises for Yum! Brands Inc's (YUM.N) fast food chains KFC and Pizza Hut and also produces branded consumer foods. Al Khair is controlled by the Kharafis, a wealthy Kuwaiti merchant family.
After Adeptio completes the purchase of the stake it is due to make a mandatory offer to buy the shares of Americana's other shareholders at the same price.
(Reporting by Ahmed Hagagy; Writing by Hadeel Al Sayegh; Editing by Greg Mahlich)