Everstone in talks to sell stake in India's Burger King franchisee - report (updated)

Restaurant Brands Asia

18/05/2023 07:47

(adds details, background, Restaurant Brands Asia results)
       BENGALURU, May 18 (Reuters) - Private equity firm
Everstone Capital is in talks to sell its roughly 41% stake in
Restaurant Brands Asia Ltd  RESR.NS , 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  JUBI.NS , 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.  urn:newsml:reuters.com:*:nL4N37E2MG
    Everstone has been looking to sell its stake since October
last year, Reuters has reported.

($1 = 81.7800 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Savio
D'Souza)
 ((varunvyas.hebbalalu@thomsonreuters.com;))