KFC stores change hands

Three national firms have advised on the $82.4 million sale of KFC stores.

Felicity Nelson • 08 March 2016 • Big Law

Firms: Thomson Geer (QSR); Harmos Horton Lusk Limited (Restaurant Brands Limited); Corrs Chambers Westgarth (Australian due diligence for buyer)

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Deal: QSR sold 100 per cent of shares in the company, which owns and operates 42 KFC stores in NSW, to New Zealand Stock Exchange-listed Restaurant Brands Limited.

Value: $82.4 million

Area: M&A

Key players: The Thomson Geer team was led by partner David Zwi and supported by lawyers Alexandra Adams and Fiona Ho.

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Deal significance: QSR is 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 NSW regional locations. QSR has been a KFC franchisee for the past 17 years and has the largest number of KFC stores in NSW.

The value of the transaction is made up of approximately $60 million in cash and the balance in RBD shares.

The transaction is expected to settle by the end of April.

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