MTY to buy Imvescor for $248 mln, hedge fund on board

MTY Food Group Inc (TSX: MTY) has agreed to buy Imvescor Restaurant Group Inc (TSX: IRG) in a cash-and-stock deal valued at $248 million. Montréal-based MTY said the deal, expected to close in the first half of 2018, will create a diversified franchisor with a "strong balance sheet and highly scalable portfolio of recognized restaurant brands and concepts." The combined entity will have more than 5,700 stores under 75 brands and about $2.9 billion in system sales. Imvescor investors representing about 18 percent of issued and outstanding shares have agreed to support the deal. They include U.S. hedge fund Camac Partners.

DealsCanadaNorth AmericaBriefs