WELLINGTON, March 4 (Reuters) - New Zealand fast food operator Restaurant Brands RBD.NZ said on Friday it had entered a conditional agreement to buy QSR Pty Ltd, an Australian company which owns and operates 42 KFC stores in New South Wales, Australia.
The deal, subject to conditions, is worth A$82.4 million ($60.6 million), Restaurant Brands said in a press release.
QSR is currently owned by interests associated with the Copulos Group and generates sales in excess of $A100 million and store EBITDA of over $A15 million per annum.
Settlement is expected to be completed by the end of April, Restaurant Brands said.
"The acquisition is an opportunity for Restaurant Brands to gain a scale position in the New South Wales quick service restaurant market," said Restaurant Brands' Chairman Ted van Arkel
QSR has been a KFC franchisee for the past 17 years and its stores are located in urban Sydney and New South Wales regional location.
Restaurant Brands operates the New Zealand franchises for KFC, Pizza Hut, Starbucks (NASDAQ:SBUX) Coffee and Carl's Jr. ($1 = 1.3604 Australian dollars)