Restaurant Brands NZ Limited ("RBD") is to acquire 100% of the shares in QSR Pty Limited, the largest KFC franchisee in New South Wales, Australia, for $A82.4 million.
Qsr Pty Limited is a well-established and profitable operator with 42 stores, generating sales in excess of $A100 million and store EBITDA of over $A15 million per annum.
The transaction is expected to be EPS accretive for RBD in FY17.
The acquisition will be partially settled with Restaurant Brands New Zealand Limited scrip of 5 million ordinary shares. The balance will be funded through debt.
Settlement is expected to be completed by the end of April 2016, following which the principal of the vendor, Mr Stephen Copulos will be invited to join the Restaurant Brands New Zealand Limited board.