Abu Dhabi sovereign wealth fund Mubadala has made a bid to become the majority shareholder of Zamp, the parent company of Burger King Brasil. Per a securities filing, the fund wishes to increase its current 5 percent stake to 50.1 percent, at BRL 7.55 (USD 1.47) a share.
This bid is a 21 percent premium over Zamp’s most recent valuation of BRL 6.22 a share. By noon today, share prices soared by over 18 percent to BRL 7.38.
Mubadala Capital currently holds USD 284 billion in assets across various sectors. In Brazil, it manages two third-party funds and has itself invested USD 5 billion in the country since 2012.
At the moment, Brazilian investment fund Atmos Capital and the North American multinational Restaurant Brands International hold the largest shares in Burger King Brasil at 10 percent each, closely followed by Morgan Stanley (9.35 percent) and Vinci Partners (6.4 percent).
Zamp is currently evaluating the terms of the proposal and will publish a decision within 15 days. The move from the Emirati fund comes as President Jair Bolsonaro seeks to strengthen ties with Arab states, with visits from the leaders of Bahrain, Qatar, Saudi Arabia, and the United Arab Emirates expected later this year.
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