A Dubai-based investment group led by businessman Mohamed Alabbar has agreed to acquire a majority stake in the Kuwait Food Company, which is known as Americana, for nearly $2.4bn.
The consortium Adeptio headed by Emaar Properties PJSC chairman Alabbar will purchase the stake from Al Khair National for Stocks and Real Estate by paying KWD2.65 ($8.78) per share.
Americana owns the Middle East franchise rights for fast food giants KFC and Pizza Hut and also make branded consumer products, Reuters reported.
Alabbar said: "We look forward to building on Americana's success and taking advantage of the growth potential of the business going forward."
Al Khair, which is owned by a wealthy Kuwaiti merchant family the Kharafis, will sell its 69% stake in Americana.
In February, Adeptio agreed to buy the stake but abandoned acquisition plans at the end of May as both the sides failed to reach an agreement on Al Khair's shares in Americana.
The sale was first considered by al-Kharafi family in 2014.
Americana is one of the leading companies engaged in operating food and beverage outlets and manufacturing food products in the Middle East and North Africa (MENA) region.
The company manufactures California Garden beans and Farm Frites frozen vegetables, in addition to meat and poultry, canned food, dairy foods, frozen potatoes and vegetables, and salty snacks.
Alabbar was quoted by Bloomberg as saying: "We are delighted to have acquired one of the crown jewels of the Middle East.
"With its long and successful history as the leading food and restaurants business in MENA, Americana is uniquely positioned in the region."
Goldman Sachs has been hired as the advisor for Adeptio in the transaction.
To fund its initial deal, Adeptio planned to obtain a $1.5bn bridge loan from a group of banks including Standard Chartered, Credit Suisse, Emirates NBD and First Gulf Bank.