Restaurant Brands New Zealand Acquires New Australian KFC Sites
August 27 2017 - 8:55PM
Dow Jones News
By Ben Collins
WELLINGTON, New Zealand--Restaurant Brands New Zealand Limited
(RBD.NZ) said Monday that it will buy 10 KFC sites in Australia
from Yum! for 27 million Australian dollars (US$21.4 million).
Restaurant brands said in a regulatory filing that the deal
would generate annual sales of around A$29 million and earnings
before interest, tax, deductions and amortization of A$4.5
million.
The purchase, made through its subsidiary QSR Pty Limited, will
be funded with debt and is expected to settle in stages between
September and November 2017. The deal is subject to the usual
conditions associated with this sort of transaction, including
landlord approvals for assignment of leases, Restaurant Brands
said.
Restaurant Brands' Chairman Ted van Arkel said the purchase is
another step towards building a significant presence in the
Australian market. QSR is the largest KFC franchisee in New South
Wales state with store numbers expected to rise to over 60 by the
end of the year, after it first bought 42 stores in April 2016.
-Write to Ben Collins at ben.collins@wsj.com
(END) Dow Jones Newswires
August 27, 2017 20:40 ET (00:40 GMT)
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