Restaurant Brands New Zealand Limited (ASX: RBD) has entered into asset purchase agreement to purchase 70 stores in Southern California, USA. The agreement has been entered with a KFC US Franchisee.
- Transaction includes 59 KFC Stores and 11 combined Taco Bell and KFC Stores.
- RBD would be offering employment to all employees working presently.
- The consideration is USD 73 million along with capex refurbishments and working capital.
By 12:57 PM AEDT, RBD was trading at $8.8, no change from the previous close.