Abraaj Group and TPG Capital have inked an agreement to purchase a majority stake in Saudi Arabian fast-food chain Kudu, according to a report published by Reuters.
There are still some regulatory measures required to close the deal, well-informed sources were quoted as saying
.
Incepted in 1988, the Riyadh-based Kudu owns 200 restaurants across the kingdom. Four shareholders previously owned the chain, including chairman Abdulmohsen bin Abdulaziz al-Yahya, according to data compiled by Argaam.
TPG and Abraaj have been in exclusive talks with Kudu for months and the acquisition had been expected by Abraaj to be completed by late 2014.
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