S&P Global Revises Mexico Credit Outlook to Negative Amid Rising Debt Concerns 
Columbia Student Mahmoud Khalil Fights Arrest as Deportation Case Moves to New Jersey 
Trump and Xi Temple of Heaven Visit Highlights Trade and Diplomacy Goals 
Trump Administration Seeks Court Pause to Reinstate 10% Global Tariffs 
Asian Currencies Slide as Indian Rupee Hits Record Low Amid Iran Tensions 
6 simple questions to tell if a ‘finfluencer’ is more flash than cash 
Britain has almost 1 million young people not in work or education – here’s what evidence shows can change that 
Asian Stocks Slip as Korea’s KOSPI Tumbles Amid Iran Conflict and Chip Sector Profit-Taking 
AcadeMedia Q3 Profit Climbs as International and Adult Education Segments Drive Growth 
Trump Pushes China Market Access During High-Stakes Xi Summit 
Ibiden Stock Surges as AI Chip Demand Boosts Profit Outlook 
Disaster or digital spectacle? The dangers of using floods to create social media content 
US-China Trade Talks Begin in South Korea Ahead of Trump-Xi Beijing Summit 
Morgan Stanley Bets on Optical Component Stocks in Greater China Tech Sector 
Debate over H-1B visas shines spotlight on US tech worker shortages 
Advent International, a private equity firm, has halted its proposed acquisition of Everstone Capital's 40.9% stake in Restaurant Brands Asia (RBA). The firm, initially interested in RBA's Indian sector, failed to agree on terms with the other parties involved.
Specifically, Advent was interested in the India business of RBA, but Everstone and RBA preferred a package deal. The Indonesian business was not of interest to Advent. Despite Advent's engagement with Bain & Company to research the quick service restaurant (QSR) industry and evaluate the deal, the discussions did not progress after that stage. Everstone holds its stake in RBA through its investment vehicle, QSR Asia.
RBA reported consolidated revenue from operations of Rs 513.95 crore in Q4FY23, exceeding the Rs 399.79 crore from the previous year's quarter. Losses for the January-March quarter declined slightly to Rs 79.95 crore compared to Rs 81.53 crore in the same period a year ago.
Burger King, RBA's key brand, faces competition from McDonald's, Domino's, Subway, and KFC in the Indian QSR market. ICICI Securities noted in a research report that increased competition in the North and East markets and a delay in store expansion plans pose risks to RBA. As per RBA's recently released annual report FY2022-23, Burger King currently operates 391 stores across 92 cities in India.
The deal between Advent and Everstone encountered difficulties at a time when the macroeconomic downturn slowed down PE deal closures in India. According to previous reports, PE investments in India experienced a sixth consecutive quarterly decline during the quarter ending in March 2023. Investments amounted to $2.2 billion, representing a 75% YoY decline, according to data from Refinitiv. The source mentioned that Everstone would not pursue a distressed sale as the business is considered a valuable asset. They are willing to wait for a buyer, even if it takes time.
Everstone Capital, based in Singapore, is part of the Everstone Group, which manages over $7 billion in assets. It also operates Subway and Lavazza Coffee in India. Since its inception, Advent International has made investments totaling $70 billion across 42 countries.
Photo: Kseniia Ilinykh/Unsplash
