, Australia

Restaurant Brands acquires 70 US KFC, Taco Bell outlets

The transaction is expected to be settled by March 2020.

New Zealand-based Restaurant Brands (RBD) is set to expand in the US, following an US$73m (approx. AU$106.3m) asset purchase deal to get 70 stores in Southern California.

The agreement, subject to Yum! Brands and landlord approval, consists of 59 KFC restaurants and 11 Taco Bell outlets.

“This acquisition provides RBD with immediate critical mass and a capable and stable organisation in California from which we can further expand,” Restaurant Brands Group CEO Russel Creedy said in a statement sent to the ASX.

RBD Chairman Jose Pares added: “This acquisition provides us with a solid beach head in the US with significant opportunities for further development.”

The company’s transaction with the US franchisee is fully debt-funded and is expected to be settled by March 2020. It also includes capital expenditure reimbursements for store refurbishment and customary working capital adjustments.

Restaurant Brands’ current footprint encompasses Australia, New Zealand and Hawaii.

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