Burger King France in talks to buy Quick
Reuters
Published Sep 28, 2015 11:57AM ET
Updated Sep 28, 2015 12:08PM ET
Burger King France in talks to buy Quick
LONDON (Reuters) - Burger King France's majority shareholder Groupe Bertrand has started exclusive negotiations to buy French chain Quick, a deal that would make it the second biggest fast food restaurant in France, behind market leader McDonald's (N:MCD).
No financial terms were given for the deal in the joint statement from Groupe Bertrand and Qualium.
Burger King France has 25 restaurants and posted revenues of 100 million euros in 2014 -- a fraction of Quick's 1.029 billion euros in revenues for the same period and 509 restaurants.
The acquisition of Quick from majority shareholder Qualium Investissement would signal an important step in Burger King's revival in France. It only reopened there in 2013, having left in 1997, selling a large number of its restaurants to Quick.
If the deal goes through Quick restaurants in France would be rebranded as Burger King, while those in Luxembourg, Belgium and outside Europe would keep their original name, the companies said in a statement.
Restaurant Brands International (TO:QSR), the owner of the Burger King brand, has a minority stake in the French franchise.
The acquisition could close by year end and is subject to the approval of competition authorities and bondholders, as well as a consultation with employee representative bodies.
Qualium had tried to sell Quick in 2010 but pulled the process when offers did not match its price expectations.
Quick is 94 percent owned by Qualium, with management holding the remaining 6 percent, said a spokesperson for the private equity fund.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.