Restaurant Brands in talks to be partially acquired by Finaccess Capital
The offer is proposed to be valued at NZ$9.45 per share.
Fast-food operator Restaurant Brands has announced that they are in discussions to have the Mexican investment holding company Finaccess Capital to partially takeover the fast food company.
As stated in its first half-year financial results for 2019, the Mexican company aims to acquire 75% of Restaurant Brands.
Meanwhile, the operator’s financial results for H1 ending September 10 reported that their group sales went 11.6% up to NZ$431.0 million from last year’s H1 period of NZ$386.1 million, that is said to be driven by the acquisitions of KFC sites in Australia.
Their post-tax profit also grew 7.0% from $19.1 million to NZ$20.4 million and combined brand EBITDA also rose to NZ$69.2 million, NZ$5.8 million or 9.1% up on prior year. They also mentioned that NZ$4.6 million of it was driven by KFC Australia operations.
However, as KFC New Zealand and Australia and Taco Bell Hawaii operations contributed to the company’s growth, it was also reported that Pizza Hut, Starbucks and Carl’s Jr. in New Zealand went down.
“The strong performance of Taco Bell in Hawaii and the KFC brand in Australia and New Zealand is expected to continue in the second half of the year,” Restaurant Brands stated in the report.
“This will be partially off-set by the sale of the Starbucks Coffee brand which is expected to have a minor adverse impact of approximately NZ$1.3 million on the Group’s EBITDA.”
