{"id":22696,"date":"2017-02-21T06:12:08","date_gmt":"2017-02-21T06:12:08","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=22696"},"modified":"2017-02-21T06:12:34","modified_gmt":"2017-02-21T06:12:34","slug":"burger-king-tim-hortons-owner-nears-deal-buy-popeyes","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/burger-king-tim-hortons-owner-nears-deal-buy-popeyes.html","title":{"rendered":"Burger King and Tim Hortons owner nears deal to buy Popeyesc"},"content":{"rendered":"

\n\tBurger King and Tim Hortons owner nears deal to buy Popeyes<\/span><\/span><\/strong><\/span>
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\n\tBurger King and Tim Hortons owner nears deal to buy Popeyes:- <\/strong>Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe deal, which will likely value Popeyes at more than $1.7 billion, is a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes' Louisiana-style fried chicken and buttermilk biscuits to more diners globally.<\/span><\/span><\/span>\n<\/p>\n

\n\tIt also represents a small consolation prize for Restaurant Brands shareholder 3G Capital, which lost a $143 billion bid this week to merge its biggest holding, food conglomerate Kraft Heinz Co, with consumer products firm Unilever Plc.<\/span><\/span><\/span>\n<\/p>\n

\n\tA deal could be announced as early as this week, the people said, asking not to be identified because the negotiations are confidential. Restaurant Brands did not respond immediately to a request for comment, while Popeyes decline to comment.<\/span><\/span><\/span>\n<\/p>\n

\n\tPopeyes, whose fans include pop singer Beyoncé, began 45 years ago as a Southern-fried "Chicken on the Run" restaurant in a New Orleans suburb. It has since expanded to more than 2,000 restaurants, of which 1,600 are in the United States.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe company has benefited from strong customer loyalty, as well as from a restaurant refurbishment program.<\/span><\/span><\/span>\n<\/p>\n

\n\tChicken accounts for about 10 percent of the fast-food industry, according to data service IBISWorld, and Popeyes' market share is growing. The largest brands in the sector include privately held Chick-fil-A and <\/span><\/span><\/span>\n<\/p>\n

\n\tPrivate equity firm 3G Capital, which is controlled by Brazilian billionaire Jorge Paulo Lemann, owns about 43 percent of the voting shares in Restaurant Brands. 3G Capital has made a name by acquiring major U.S. consumer companies including Kraft Heinz.<\/span><\/span><\/span>\n<\/p>\n

\n\tRestaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons Inc for $11 billion.<\/span><\/span><\/span>\n<\/p>\n

\n\t3G Capital's long-time partner, Warren Buffett's Berkshire Hathaway Inc, committed $3 billion of preferred equity to finance that deal.<\/span><\/span><\/span>\n<\/p>\n

\n\tSource:- http:\/\/www.reuters.com\/article\/us-popeyes-m-a-restaurant-brands-idUSKBN15Z1ZY<\/span><\/span><\/span><\/p>\n

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