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SPAIN - Portugal's Ibersol enters battle for Telepizza

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The battle for Spanish restaurant chain Telepizza has become a three-way fight after Portuguese rival Grupo Ibersol offered EUR 2.25 per share yesterday. Despite being more than Permira’s bid, the Ibersol offer price is, however, less than that put forward by the fast food chain Grupo Zena on 21 April.

Zena, which is 75% owned by CVC Capital Partners and Spanish buyout firm Inveralia, offered €2.40 per share for at least 49% of TelePizza’s equity, which totals €639.2m. Zena operates local franchises of Burger Kinger and Pizza Hut. At the end of February, Permira, through bid vehicles Foodco Pastries and Medimosal, offered €2.15 per share, totalling €572m. Permira, however, has the backing of the Ballvé family, which holds 20.5% of Telepizza, and is the only group so far to receive approval from the Spanish regulator CNMV. TelePizza has annual turnover of more than EUR 730m.

ING Bank and RBS are providing debt for Permira with Uría y Menéndez acting as financial adviser to Foodco Pastries and Medimosal. Baker & McKenzie is legal counsel to Carbal (investment vehicle of Ballvé family), while Linklaters is representing Permira.

360 Corporate and JP Morgan are advising Zena with debt from Barclays, BNP Paribas and JPMorgan Chase. Garrigues is providing legal counsel.

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