Restaurant Brands Asia (RBA), the operator of Burger King in India and Burger King and Popeyes in Indonesia, announced that it has entered into definitive agreements for the acquisition of a controlling interest by Inspira Global, promoted by Aayush Madhusudan Agrawal, subject to applicable approvals.

As part of the transaction, the existing promoter, QSR Asia, which is majority-owned by Everstone Capital, will make a complete exit from RBA, in line with its planned investment lifecycle.

Inspira Global has agreed to acquire a controlling stake in RBA at INR 70 per share, representing a premium of around 10% over the stock’s closing price on Tuesday. 

The acquisition will be carried out, among other steps, through Lenexis Foodworks, Inspira Global’s food and beverage arm, which has over a decade of experience in the quick service restaurant space and owns and operates more than 250 Chinese Wok restaurants across over 45 cities in India.

Under the proposed structure, Inspira Global will acquire QSR Asia’s entire 11.26% shareholding in RBA for approximately INR 460 crore. In addition, it plans to infuse around INR 900 crore through a preferential allotment of equity shares and about INR 600 crore through the preferential allotment of warrants. 

These transactions will trigger an open offer to RBA’s public shareholders.

The proposed transaction is subject to the fulfilment of customary conditions precedent, including approvals from shareholders and regulatory authorities such as the Competition Commission of India, and will be carried out in accordance with the SEBI Takeover Regulations.

The transaction was advised by Bathiya Advisors, while Motilal Oswal Investment Advisors is acting as the manager to the open offer.

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.”  

Agrawal added,  “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 realising 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.”  

Sameer Sain, co-founder and group CEO, Everstone Group, added, “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.”