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BRIEF-Collins Foods says unit acquires 16 KFC restaurants in Netherlands

Published 23/03/2017, 09:22 am
© Reuters. BRIEF-Collins Foods says unit acquires 16 KFC restaurants in Netherlands
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March 23 (Reuters) - Collins Foods Ltd CKF.AX

* Acquisition of KFC restaurants in the Netherlands

* Unit has entered into a binding agreement to acquire 16 KFC restaurants located in Netherlands from subsidiaries of Yum! Brands (NYSE:YUM)

* Deal for consideration of EUR 62.3 million

* Acquisition and associated equity raising costs will be funded via a fully underwritten A$54.5 million placement

* Mark Van 't Loo has been appointed as CEO Europe

* Acquisition is expected to be mid single digit EPS accretive for Collins Foods shareholders in first full financial year of ownership

* For period ending 30 sept 2016, Netherlands acquisition generated revenue of EUR 46.6 million and EBITDA of EUR 7.3 million on a pro forma basis

* Development agreement was entered into with unit of Yum! for roll-out of more than 20 new KFC Restaurants by Collins Foods in Netherlands by 31 Dec 2021 Source text for Eikon: ID:nASX72DFPh Further company coverage: CKF.AX

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