Everstone in talks to sell stake in India`s Burger King franchisee
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Private equity firm Everstone Capital is in talks to sell its roughly 41% stake in Restaurant Brands Asia Ltd, the master franchisee of Burger King in India and Indonesia, CNBC Awaaz reported on Thursday.
The Singapore-headquartered buyout firm is in talks with Jubilant Foodworks, which operates Domino's in India, as well as a consortium of PE firms Advent International and General Atlantic, the report said.
Everstone Capital, through its investment vehicle QSR Asia Pte Ltd, held a 40.9% stake in Restaurant Brands as of March 31, according to Refinitiv data.
The stake was worth 21.68 billion rupees ($265.10 million) as of the stock's closing price on Wednesday.
The stock jumped as much as 11% on Thursday, after the report, to touch a five-month high of 119 rupees.
Restaurant Brands, Everstone, Jubilant, and General Atlantic did not immediately respond to Reuters' request for comment. Advent declined to comment.
The report came a day after Restaurant Brands Asia posted a wider fourth-quarter loss on higher costs tied to ingredients and expansion.
Everstone has been looking to sell its stake since October last year, Reuters has reported.
($1 = 81.7800 Indian rupees)
