Inspira Global to acquire controlling stake in Burger King operator Restaurant Brands Asia

New Delhi: Restaurant Brands Asia (RBA), the operator of Burger King in India and Burger King and Popeyes in Indonesia, has entered into definitive agreements under which Inspira Global will acquire a controlling interest in the company, subject to regulatory and shareholder approvals.

The transaction will result in the complete exit of existing promoter QSR Asia, which is majority owned by Everstone Capital, in line with its planned investment lifecycle.

Inspira Global, promoted by Aayush Madhusudan Agrawal, will acquire shares at Rs 70 per share, representing a premium of around 10 per cent to the stock’s closing price on January 20. The acquisition will be executed through Lenexis Foodworks, Inspira Global’s food and beverage arm, which operates more than 250 Chinese Wok restaurants across over 45 Indian cities.

As part of the transaction, Inspira Global will acquire the entire 11.26% shareholding of QSR Asia for approximately Rs 460 crore. It also proposes to infuse around Rs 900 crore through a preferential allotment of equity shares and Rs 600 crore through a preferential allotment of warrants. These steps will trigger an open offer to public shareholders in accordance with SEBI Takeover Regulations.

The transaction remains subject to customary conditions precedent, including approvals from shareholders and regulators such as the Competition Commission of India.

Commenting on the development, Rajeev Varman, Whole-time Director and Group Chief Executive Officer, Restaurant Brands Asia, said, “We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter. With their strong track record of value creation in India, long-term capital support and strategic alignment, we believe this will enable us to continue our strong growth journey. RBA will continue to operate with its existing leadership team, operational structure and brand identity fully intact as we remain firmly focused on executing our growth plans.”

Aayush Madhusudan Agrawal, Inspira Global, said, “We have significant admiration for the work done by the RBA team in building the business so far. We see this acquisition as a long-term value creation initiative through focused sustainable growth and realizing the true potential offered by the market. We will continue to build and grow this business, in line with the vision of RBA and are excited to work together with the existing management team. The investment strengthens Inspira Global’s focus on consumer businesses and deepens our presence in the high-growth QSR segment, aligned with our emphasis on brand stewardship, operational excellence and disciplined capital deployment.”

Rafael Odorizzi, President Asia-Pacific, Restaurant Brands International, said, “We are pleased with Inspira Global’s commitment to making a significant investment in RBA and look forward to working with them as long-term partners. Building on the solid operational foundation established by the existing management team, we believe this partnership can take the business to new heights.”

Reflecting on Everstone’s exit, Sameer Sain, Co-Founder and Group CEO, Everstone Group, said, “We opened India’s first Burger King 12 years ago with a distinctive menu, an exceptional management team, and the ambition to build a marquee QSR brand. Today, with over 575 outlets, those foundations remain firmly in place, and the business is well positioned for its next phase of growth. As Everstone’s journey concludes, we pass the baton to an exceptional new promoter, who is demonstrating deep commitment to the business and a clear, long-term vision.”