ING and Santander finance Cinven to buy Burger King in Spain

ING and Santander are set to finance Cinven to buy the Burger King franchises in Spain.

Cinven are hoping to acquire the ownership of the Burger King franchise in Spain. ING and Santander are working hard to put the financing together for the deal. The financing led by Jorge Quemada is set to buy the majority stake in Burger King Spain.

So far Cinven has received advice from ING along with Santander and Altamar. They will be responsible for providing the necessary financing to undertake the deal. According to reports they are set to sign a loan of 500 million euros. It is expected that further investors will join in at a later date and it is expected that part of the loan will be available in the next few months.

At the moment the Burger King brand rights in Spain, Portugal, Gibraltar and Andorra are held by Restaurant Brands Iberia which was founded in 1981. They also own the rights to Tim Hortons and Popeyes in Spain. This new transaction will refinance debt accrued in 2019 when it closed with nearly 400 million euros in debt,as reported El Pais.

Cinven hopes to gain the majority stake in the Burger King Spain franchise. This means that the founders along with the US company will still retain a minority share. They hope to boost the online presence of the company and new stores could be seen too.

Before the coronavirus pandemic began the company owned hundreds of stores and recorded a profit of over 21 million euros in 2019. They also employ around a thousand people.

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