US private equity giant KKR has launched a €431.7 million takeover offer for Spain's Telepizza after buying around a quarter of the fast-food restaurant chain's shares.
KKR plans to de-list the company after the €6 euros per share buyout, the firm said.
Commitments From Shareholders
KKR has secured commitments from holders of 12.7% of Telepizza's shares to take part in the offer, bringing its stake above the regulatory threshold of 30%, which would trigger a mandatory takeover bid.
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KKR's move comes days before Telepizza formally enters into an alliance with Yum Brands' Pizza Hut.
The cooperation between the two brands assumes the Spanish pizza chain would open as many as 1,300 new stores in the next 10 years. It would also mean rebranding Telepizza as Pizza Hut in some markets.