Asian Currencies Stay Muted as Dollar Holds Firm Amid Iran Uncertainty 
Asian Stocks Gain Amid Iran Conflict Uncertainty 
Nanya Technology Shares Surge 10% After $2.5 Billion Private Placement from Sandisk and Cisco 
Delivery Hero Sells Taiwan Foodpanda to Grab for $600 Million in Debt-Reduction Push 
Rio Tinto's Resolution Copper Mine: U.S. Smelting Challenges and Global Operations Update 
Valero Port Arthur Refinery Explosion Prompts $1M Lawsuit Over Worker Safety Negligence 
Citi Names Eric Farina and Rob Cascarino to Lead Global Infrastructure Financing Group 
AWS Bahrain Region Disrupted by Drone Activity Amid Middle East Conflict 
Gold is meant to be a ‘safe haven’ in uncertain times. Why is it crashing amid a war? 
Japan Eyes Oil Futures Intervention to Stabilize Yen Amid Middle East Crisis 
Henkel in Advanced Talks to Acquire Olaplex at $2 Per Share 
Air Canada Express Crash at LaGuardia: Controller Distracted by Prior Emergency 
Currency Markets Show Caution Amid U.S.-Iran Negotiations 
Lynas Rare Earths Signs Vietnam Deal with LS Eco Energy to Boost Magnet Metal Production 
Federal Reserve Balance Sheet Reduction: Brookings Research Outlines Possible Path Forward 
Gold Prices Surge on U.S.-Iran Ceasefire Reports 
Burger King and Mom’s Touch are two of the leading burger restaurants in South Korea, but now their sales are reportedly in limbo. This is because uncertainties over sales have been spreading throughout the local franchises of other global fast-food brands, including McDonald’s and KFC.
These restaurants are trying to find new owners for their franchises, but there has been no success so far. The current owners are struggling to find buyers, so these brands are facing growing skepticism. Burger King, McDonald’s, KFC, and Mom’s Touch as well are having difficulties in the market today because of the declining worsening conditions in the financial and fast-food businesses.
The companies and business experts said that one of the reasons for the declining sales is the local customers’ growing preference for healthier foods.
In any case, these brands have been up for sale since early this year, and since there are still no interested parties, experts said that potential buyers may become very reluctant to offer high prices for the acquisition. Moreover, with the situation, market insiders are seeing Burger King and others as overvalued right now.
The Korea Times reported that as the investors remained unenthusiastic to make a higher price offer, Affinity Equity Partners, the current owner of Burger King Korea and operations in Japan, recently made the decision to postpone the sale of its stakes in BK in Japan and S. Korea. The Asian private equity firm is reportedly delaying the sale until the second half of 2023.
Affinity Equity Partners acquired Burger King Korea in 2016 for KRW210 billion or about $188.44 million at that time. The PEF company hired Goldman Sachs to be the underwriter for the sale deal.
Meanwhile, for the sale of Mom’s Touch operations, KL & Partners reportedly changed its underwriter for the sale and hired Deutsche Securities, leaving BofA Securities. The company made this move to sell the chicken burger franchise for KRW1 trillion.
"PEFs will continue trying to sell their fast food franchises for higher prices," a top official of a local PEF firm commented regarding the sale of restaurant brands. "Considering their earnings, however, most franchises seem overvalued."
Photo by: Wesley Shen/Unsplash
