London/Dubai: A group of investors led by Emaar Properties Chairman Mohammad Al Abbar is seeking to raise as much as $2 billion (Dh7.34 billion) from banks to fund its bid to acquire Middle East fast-food operator Kuwait Food Co., according to five people with knowledge of the matter.
Adeptio LLC, the investor group, hired Goldman Sachs Group Inc to advise on its bid for Americana, as the fast food company is known, the people said, asking not to be identified as the information is private. The New York-based bank is also helping to arrange financing for the deal with other international and regional lenders, the people said.
Adeptio’s bid is the closest that Kuwait’s Al Kharafi family has come to a sale of its stake in Americana after an on-off sale process stretching back at least two years. The Dubai-based investor group announced last week that it signed an initial accord to buy a 69 per cent stake in Americana from Al Khair National for Stocks and Real Estate LLC, valued at about $2 billion, and that it would offer to take over the remaining shares.
Americana is the franchise operator of restaurants such as KFC, TGI Friday’s Inc and Pizza Hut in the Middle East and North Africa. It also produces California Garden beans and Farm Frites frozen vegetables.
A spokesman for Goldman Sachs declined to comment. No contact details for Adeptio were immediately available.
