Everstone Capital has revived efforts to exit Restaurant Brands Asia (RBA), with talks progressing rapidly and multiple parties submitting interest, several people familiar with the matter told CNBC-TV18.
The private equity firm, which holds 11.27% in RBA through QSR Asia Pte Ltd, is said to be in advanced negotiations with a mix of financial and strategic bidders.
According to sources, the contenders include a family office of a listed company with an existing QSR footprint, along with other private-equity investors evaluating the deal. “Negotiations are at an advanced stage,” one person said, adding that the bids received are at a premium to the prevailing market price.
If the transaction moves forward, a change in controlling promoter is likely to trigger an open offer, as required under takeover norms.
RBA operates the Burger King and Popeyes quick-service restaurant chains in India.
Everstone Capital declined to comment on the development. CNBC-TV18 has also reached out to Restaurant Brands Asia; a response is awaited.
As of 02:52 PM, shares of Restaurant Brands Asia Ltd were trading at ₹61.95, up 0.28% on the NSE.
Earlier in November, RBA reported mixed performance in the September quarter. Revenue rose 15.9% year-on-year to ₹570 crore, compared with ₹492 crore a year earlier, indicating continued store-level traction. However, the company’s net loss widened to ₹20.2 crore, from ₹16.6 crore in the same quarter last year.
EBITDA improved to ₹77.7 crore from ₹69.9 crore, but margins softened to 13.66%, compared with 14.22% a year earlier, reflecting higher operating costs across the network.
