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Amazon to Acquire Dubai's E-Commerce Platform Souq, Outbids Emaar Malls $800M Offer

Amazon to Acquire Dubai's E-Commerce Platform Souq, Outbids Emaar Malls $800M Offer

in February 2017 Souq.com raised more than Dh 1 billion ($275 million), bringing its funding total at the time to $425 million, and its valuation to a reported $1 billion. Investors in that funding round included New York-based Tiger Global Management and South Africa’s Naspers Ltd. (JSE: NPN.SJ; LSE: NPSN), both of which had invested in Souq.com in earlier rounds. “Amazon and Souq.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer. “Souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East.” “We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region,” said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar. “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.” “As the largest e-commerce platform in the region, we focus on the value we bring through technology and job creation. We connect people to products through our retail and marketplace model,” said Ronaldo Mouchawar, CEO & co-founder of Souq.com. “Through cutting edge technology, we enable our consumers to make smarter choices and access to mobile commerce is further empowering them.” The deal is expected to close in 2017 subject to closing conditions, Amazon said. Souq.com was founded in 2005 as an auction site linked to internet portal Maktoob, which had been founded in 1998 by Samih Toukan and Hussam Khoury as a webmail service. Mouchawar, who was born and raised in Aleppo, Syria, was educated in the U.S. and returned to the Middle East, joining Maktoob in 2000. He holds a Master’s degree in Digital Communications and a Bachelor degree in Electrical and Computer Engineering from Northeastern University in Boston. Maktoob was acquired by Yahoo in 2009, becoming its official arm in the MENA region. Following Maktoob’s acquisition, Toukan and Khoury decided to spin-off the brands that were not acquired by Yahoo, namely souq, cashu, and ikoo and to form the Jabbar Internet Group, a new incubator to house these brands, focusing on consumer e-commerce in the region. Jabbar currently employs over 300 people at various offices in UAE, Jordan, Saudi Arabia, Egypt and Kuwait, and became one of the leading investors in Internet and technology companies in the region. Jabbar continued to fund Souq.com until it was adequately scaled up. Photo: Ronaldo Mouchawar, CEO & co-founder of Souq.com.]]>

Dubai's Adeptio Led By Alabbar to Acquire Kuwait Food Co Americana for $2.4B

Dubai's Adeptio Led By Alabbar to Acquire Kuwait Food Co Americana for $2.4B

Adeptio said it had abandoned it’s Americana buyout plans, as reported by ExitHub in late May. Mohamed_Alabbar Al-Khair’s efforts to sell the Al Kharafi controlling stake in Americana, have been on and off during the past two years. Last year Saudi-based food company Savola, in partnership with Singapore’s sovereign wealth fund Temasek Holdings, reportedly offered $4 billion to acquire the firm, but their offer was rejected. Private equity firms KKR & Co. and CVC Capital Partners Ltd. also previously attempted to acquire Al-Kharafi’s 69% stake in Americana, but these efforts never came to fruition. M.A. Kharafi & Sons is a privately-held diversified conglomerate based in Kuwait, with interests in food, real estate, steel, telecom, wastewater treatment plants, airlines, airports, hotels and travel services, aluminum, asphalt, concrete, fertilizers, and other industry sectors. The company was founded in 1956 by Mohammed Abdul Mohsen Al-Kharafi. The company’s current CEO and vice-chairman is billionaire Fawzi Al-Kharafi, whos late brother and former chairman Nasser Al-Kharafi, led the company until his death in 2011. Americana Group’s main lines of business are operating food & beverage outlets, as well as manufacturing food products. With a network of over 1,690 outlets, it is not only the largest operator of restaurant chains in the MENA region, but also one of the most successful franchise operators in the world. The group’s network encompasses 12 of the world’s most recognized brands in the Quick Service, Casual Dining and Fine Dining categories, such as KFC, Pizza Hut, Hardee’s, TGI Friday’s, Red Lobster, Olive Garden, LongHorn, Signor Sassi, Costa Coffee, Krispy Kreme and, most recently, The Counter. Americana also operates 6 of its own homegrown brands, which are as successful as their global counterparts. Americana is one of the region’s leading manufacturers and marketers of a wide range of quality food products for consumers in the region and beyond. The group’s leading brands, including California Garden, Farm Frites, Koki and Americana Meat, are household favorites and have become market leaders. Founded in Kuwait in 1964, and publicly traded on the Kuwait Stock Exchange, Americana has operations in 13 countries, with over 63,000 employees from 21 nationalities.]]>

Dubai's Adeptio Led By Alabbar to Acquire Kuwait Food Co Americana for $2.4B

Dubai's Adeptio Led By Alabbar Abandons $2B Bid for Kuwait Food Co Americana

Dubai’s Adeptio Led By Alabbar to Acquire Kuwait Food Co Americana for $2.4B


Dubai-based Adeptio LLC, an investment consortium led by Emaar Properties chairman Mohamed Alabbar, abandoned its offer to acquire a 69% stake in Americana Group (Kuwait Food Company)(KSE: FOOD), from Al-Khair National Stocks and Real Estate, a holding company owned by the Al Kharafi family, one of Kuwait’s wealthiest and most prominent merchant groups. Americana is one of the largest companies in the Middle East and North Africa (MENA) region, operating restaurants, and manufacturing and marketing consumer foods. Adeptio’s proposed 69% buyout was reportedly valued at $2.15 billion based on Americana’s current market value of $3.11 billion. “Americana is a truly unique asset with a long and successful history. We see a bright future for Americana and look forward to working with management to realize the significant growth potential in the business going forward,” Alabbar said in February, at the time he signed a preliminary agreement to acquire a controlling stake in Americana, subject to due diligence. “No final agreement has been reached,” said Al-Khair in a statement filed with the Kuwait Stock Exchange. “The two sides have agreed to end negotiations of the planned sale.” Al-Khair’s efforts to sell the Al Kharafi controlling stake in Americana, have been on and off during the past two years. Last year Saudi-based food company Savola, in partnership with Singapore’s sovereign wealth fund Temasek Holdings, reportedly offered $4 billion to acquire the firm, but their offer was rejected. Private equity firms KKR & Co. and CVC Capital Partners Ltd. also previously attempted to acquire Al-Kharafi’s 69% stake in Americana, but these efforts never came to fruition. M.A. Kharafi & Sons is a privately-held diversified conglomerate based in Kuwait, with interests in food, real estate, steel, telecom, wastewater treatment plants, airlines, airports, hotels and travel services, aluminum, asphalt, concrete, fertilizers, and other industry sectors. The company was founded in 1956 by Mohammed Abdul Mohsen Al-Kharafi. The company’s current CEO and vice-chairman is billionaire Fawzi Al-Kharafi, whos late brother and former chairman Nasser Al-Kharafi, led the company until his death in 2011. Americana Group’s main lines of business are operating food & beverage outlets, as well as manufacturing food products. With a network of over 1,690 outlets, it is not only the largest operator of restaurant chains in the MENA region, but also one of the most successful franchise operators in the world. The group’s network encompasses 12 of the world’s most recognized brands in the Quick Service, Casual Dining and Fine Dining categories, such as KFC, Pizza Hut, Hardee’s, TGI Friday’s, Red Lobster, Olive Garden, LongHorn, Signor Sassi, Costa Coffee, Krispy Kreme and, most recently, The Counter. Americana also operates 6 of its own homegrown brands, which are as successful as their global counterparts. Americana is one of the region’s leading manufacturers and marketers of a wide range of quality food products for consumers in the region and beyond. The group’s leading brands, including California Garden, Farm Frites, Koki and Americana Meat, are household favorites and have become market leaders. Founded in Kuwait in 1964, and publicly traded on the Kuwait Stock Exchange, Americana has operations in 13 countries, with over 63,000 employees from 21 nationalities.]]>