30.11.2016 - Saudi fund to buy 50% stake in Adeptio
Saudi Arabia's top sovereign wealth fund, the Public Investment Fund (PIF), plans to buy a major stake in Adeptio, the Gulf-based investment firm which controls Kuwait Food Co (Americana) , the PIF said on Monday. The PIF would buy 50 percent of Adeptio from United Arab Emirates-based billionaire Mohamed Alabbar, who would keep the rest of Adeptio. It did not give financial details of the deal. Last month, a subsidiary of Adeptio completed the acquisition of a 67 percent stake in Americana from the Kharafis, a wealthy Kuwaiti merchant family, for about $2.35 billion. Adeptio now plans a mandatory tender offer for remaining shares in Americana held by public shareholders...............................................Full Article: Source
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