Clifford Chance is advising Restaurant Brands Iberia on a €260 million deal to acquire 158 Burger King restaurants in Portugal and Spain.
Restaurant Brands Iberia, the group that holds master franchise rights for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, as well as the Popeyes and Tim Hortons brands in Spain, has agreed to acquire 121 Burger King restaurants in Portugal and 37 in Spain from Ibersol, a Portuguese multi-brand group in the foodservice industry.
Ibersol was advised by Morais Leitão on the acquisition worth €259.7 million on a cash and debt free basis. The Morais Leitão team was led by partners Carlos Osório de Castro, Magda Viçoso and Eduardo Paulino, the firm told Law.com International.
Clifford Chance Madrid partner Samir Azzouzi led the team that advised Restaurant Brands Iberia on the deal. Azzouzi previously led the firm’s team in advising private equity firm Cinven in a €1 billion deal for a majority stake in Restaurant Brands Iberia last year.
This is yet another significant summer deal in the Iberian Peninsula for Clifford Chance, which advised investment firm Sixth Street in purchasing 25% of FC Barcelona’s LaLiga TV rights over two deals in June and July.
Portuguese law firm CS’Associados also advised Restaurant Brands Iberia alongside Clifford Chance, according to CC and Morais Leitão.
With this deal, the number of restaurants owned by Restaurant Brands Iberia will increase to 775 (722 of which are Burger King restaurants) and add 4,000 new employees to its network. The largest restaurant operator in Spain will operate 90% of Burger King restaurants in Portugal and 65% of Burger King restaurants in Spain.
CS’Associados did not respond to a request for comment at the time of publication.