Band Gabriel Araujo
SAO PAULO, November 1 (Reuters) – Brazilian operator of the fast food chain BK Brasil Operacao e Assessoria a Restaurantes BKBR3.SA has canceled its deal with private equity firm Vinci Partners to acquire Domino’s Pizza Brasil, he said on Sunday, citing unfavorable market conditions.
BK Brasil, which owns the Burger King and Popeyes brands in Brazil, said in a securities filing that the termination agreement set a 12-month right of first refusal for BK to match any offer from a third party in the event. of a Domino’s Pizza Brazil is about to sell its control.
The fast food operator also granted Domino’s 12-month exclusivity if it again decides to become a master franchise, franchisor or franchisee of a pizza business, BK Brasil added. Termination of the contract does not result in any penalty of any kind, BK added.
BK Brasil announced in mid-July an agreement to acquire Domino’s Pizza Brazil, which would have made it the largest fast-food restaurant operator in the country. Vinci would hold 16.4% of the shares of BK Brasil.
(Report by Gabriel Araujo)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))
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