Restaurant Brands Asia (RBA) announced that they have entered into definitive agreements pursuant to which Inspira Global will acquire a controlling interest in RBA, subject to applicable approvals. The proposed transaction marks the complete exit of QSR Asia, in line with its planned investment lifecycle.
The transaction will be executed inter-alia through Lenexis Foodworks, Inspira Global's food and beverage arm that has over a decade of experience in the Quick Service Restaurants (QSR) space owning and operating 250+ Chinese Wok restaurants across 45+ cities in India. In addition to acquiring the entire 11.26% shareholding of QSR Asia for Rs 460 crore, Inspira Global proposes to infuse Rs 900 crore through a preferential allotment of equity shares and Rs 600 crore through the preferential allotment of warrants. These transactions will trigger an open offer to public shareholders of RBA. The proposed transaction is subject to the fulfilment of customary conditions precedent, including the receipt of applicable shareholders and regulatory approvals, including from Competition Commission of India and will be in accordance with the SEBI Takeover Regulations.
Speaking about this development, Rajeev Varman, Whole-time Director and Group Chief Executive Officer, Restaurant Brands Asia, remarked, “We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter. With their strong track record of value creation in India, long-term capital support and strategic alignment, we believe this will enable us to continue our strong growth journey. RBA will continue to operate with its existing leadership team, operational structure and brand identity fully intact as we remain firmly focused on executing our growth plans.”