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Savola, Temasek tie up on Americana USD5b bid

08 Sep 2015

(MENAFN) Saudi Savola Group has tied up with Singapore’s Temasek Holdings Pte to offer a bid for Middle Eastern fast-food operator Kuwait Food Co. in a deal valued between USD4-USD5 billion.

Talks between the three firms are ongoing and a deal could be reached before year-end, according to two people familiar with the matter, who asked not to be identified as the information is private.

JPMorgan Chase & Co is advising Savola, which has a market value of about USD8.5 billion, on the talks. Savola had bid on its own to acquire Americana, as Kuwait Food Co is known, at 2014-end.

Americana was founded in 1964 and is the franchise operator of restaurants such as KFC, TGI Friday’s Inc and Pizza Hut across the Middle East and North Africa region.

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