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KFC stores change hands
Three national firms have advised on the $82.4 million sale of KFC stores.
Felicity Nelson
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.
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.
