Abu Dhabi investor eyes Burger King in Portugal and Spain

Abu Dhabi’s state-owned investment firm Mubadala is preparing a bid for the operator of Burger King in Portugal and Spain, which has been owned by British private equity group Cinven since 2021, according to Spanish newspaper Expansión, cited by ECO.

The provisional timetable for the transaction foresees interested parties submitting non-binding offers in the coming weeks, potentially paving the way for the sale process to be completed before August. Other reported bidders include US investment firms Meritage Group and Apollo Global Management (which owns Atlético de Madrid).

According to Expansión, Mubadala has already hired advisers to prepare an offer for Restaurant Brands Europe (RBE), the restaurant group that operates the Burger King, Popeyes and Tim Hortons brands in Spain and Portugal.

Mubadala already has significant investments in Spain. It is a partner of Cinven in Universidad Alfonso X El Sabio, subject to final approvals, and jointly controls Moeve alongside Carlyle. The Abu Dhabi fund also owns technology consultancy Babel and holds stakes in several other Spanish businesses.

Restaurant Brands Europe has reportedly attracted interest from other investment groups, including KKR, CVC Capital Partners and TDR Capital, although these firms have since withdrawn from the sale process, which is being coordinated by Morgan Stanley.

Expansión also reports that Cinven and RBE previously explored the acquisition of Burger King’s Italian operations from Belgian investment firm Kharis Capital as part of a strategy to expand the group. However, the negotiations did not progress and any future deal is now likely to be considered by RBE’s eventual new owner.

Burger King operates a massive footprint on the Iberian Peninsula. There are currently over 200 Burger King restaurants in Portugal and 1,000 in Spain.

Source: ECO/Expansión

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