Thomson Geer’s Sydney corporate team, led by Partner, David Zwi have advised client QSR on the conditional sale of 100% of shares in the company, which owns and operates 42 KFC stores in NSW to New Zealand Stock Exchange listed Restaurant Brands Limited. The transaction is for a total consideration of $A82.4 million to be satisfied as to approximately $60 million in cash and the balance in RBD shares.
The transaction is subject to a number of conditions, including approval from the franchisor, Yum! Restaurants International and other conditions customary for a transaction of this nature. It is expected that the transaction will settle by the end of April 2016.
QSR is currently owned by interests associated with the Copulos Group and generates sales in excess of $A100 million per annum.
QSR’s KFC stores are located in urban Sydney and New South Wales regional locations. QSR has been a KFC franchisee for the past 17 years and is the largest KFC franchise in New South Wales (by number of stores).