The European Bank for Reconstruction and Development (EBRD) said on Thursday it has sold its entire 3.52% stake in TAB Gida Sanayi ve Ticaret TABGD, a Turkey-based quick-service restaurant operator and multi-brand franchisee, through accelerated bookbuilding.
TAB Gida operates brands including Burger King, Popeyes, Arby’s and Subway in Turkey, alongside its own concepts and delivery platforms.
According to the statement published on the Public Disclosure Platform, the transaction involved 9.2 million Class B shares placed with international institutional investors at 218 lira per share, representing a discount of about 8% to the last closing price.
The sale is expected to generate gross proceeds of approximately 2.01 billion lira ($43.2 million).
Citigroup Global Markets Limited acted as sole global coordinator and bookrunner for the deal.
($1 = 46.5116 liras)