Bonafide deal

21 February 2017 By Lauren Silva Laughlin Follow @TheRealLSL

Fresh from pulling Kraft Heinz’s bid for Unilever, the Brazilian investor group’s restaurant roll-up pounced on fried-chicken chain Popeyes. With this $1.8 bln appetizer, Burger King’s bosses get to apply their cost crunching to fast food while settling on a big new target.

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Restaurant Brands on Feb. 21 said it reached an agreement to acquire Popeyes Louisiana Kitchen for $79 a share in cash, or $1.8 billion. The deal represents a premium of 27 percent based on Popeyes' 30-trading-day volume-weighted average price as of Feb. 10, the last trading day before media speculation on the potential sale of Popeyes.

Restaurant Brands was created in 2014 when Burger King and Tim Hortons merged. The company is controlled by 3G, a private-equity firm run by Brazilian investors Jorge Paulo Lemann, Marcel Telles, Carlos Alberto Sicupira, Roberto Thompson and Alex Behring.

3G is also the leading investor in Kraft Heinz, the food conglomerate that withdrew a $143 billion unsolicited bid for Unilever on Feb. 19, two days after the proposal was made public.

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