Private equity firm Everstone Capital is in talks to sell its roughly 41% stake in Restaurant Brands Asia Ltd, the master franchisee of Burger King in India and Indonesia, CNBC Awaaz reported on Thursday.
The Singapore-headquartered buyout firm is in talks with Jubilant Foodworks, which operates Domino’s Pizza in India, as well as a consortium of PE firms Advent International and General Atlantic, the report said.
Jubilant told Reuters the information was “incorrect and baseless.”
Everstone Capital, through its investment vehicle QSR Asia Pte Ltd, held a 40.9% stake in Restaurant Brands as of March 31, according to Refinitiv data.
The stake was worth 21.68 billion rupees ($265.10 million) as of the stock’s closing price on Wednesday.
Shares of Restaurant Brands jumped as much as 11% on Thursday, after the report, to touch a five-month high of 119 rupees.
Advent and General Atlantic declined to comment, while Restaurant Brands and Everstone did not immediately respond to Reuters’ request for comment.
The CNBC report came a day after Restaurant Brands Asia posted a wider fourth-quarter loss on higher costs tied to ingredients and expansion.
Everstone has been looking to sell its stake since October last year, Reuters had reported.
