Clifford Chance advised Restaurant Brands Iberia (RB Iberia), the group that holds the master franchise rights for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain, on its agreement with Ibersol for the purchase of 158 Burger King restaurants located in Portugal and Spain.

The transaction entails the integration of 121 restaurants in Portugal and 37 in Spain, which will increase the number of restaurants owned by RB Iberia to 775 –of which 722 are Burger King restaurants–, and the integration of 4,000 new employees. Following the acquisition, the group will manage 65% of Burger King restaurants in Spain. With a turnover of EUR 637 million in 2021 and 30,000 employees between its offices, proprietary and franchised restaurants, RB Iberia thus becomes the largest restaurant operator in Spain.

Moreover, the group will operate 90% of Burger King restaurants in Portugal, assuming the leadership of the development of the brand in the Portuguese market, in which Ibersol was the main franchisee.

Previously, the firm advised international private equity firm Cinven on the agreement reached with RB Iberia’ shareholders (the founding families and Burger King Europe) on its acquisition of a majority stake in RB Iberia’s share capital. Valued at more than EUR 1 billion, the investment represented the largest transaction in the Spanish restaurant industry to date and marked Cinven’s entry into the growing fast food market on the Iberian Peninsula.

The Clifford Chance multidisciplinary team advising RB Iberia was led by partner Samir Azzouzi, assisted by senior associate Javier Olabarri and associate Patricia Puertas (Corporate / M&A). The team also comprised senior associate Jorge Martín-Fernández (Employment) as well as counsel Begoña Barrantes and associates Paula Valenciano and Sara Selma (Antitrust). The Clifford Chance team was supported by CS’Associados with respect to the Portuguese legal aspects of the transaction.