A consortium of Gulf Arab investors has agreed to purchase a majority stake in the Kuwait Food Company, better known as Americana, which operates nearly 1,700 outlets for the Mideast franchises of Pizza Hut, KFC, Krispy Kreme and other Western brands.

The investor group Adeptio, led by Dubai-based Emaar Properties chairman Mohamed Alabbar, agreed to buy the stake for 2.65 Kuwaiti dinars ($8.78) per share from Al-Khair National for Stocks and Real Estate Co. The acquisition is estimated to be worth around $2.4 billion.

The Kuwait Food Company made the announcement in a stock exchange filing Saturday, reversing a decision to call off the deal three weeks earlier after the parties had failed to reach an agreement.