Apollo Global Acquires Wagamama Owner, The Restaurant Group, in $623 Million Deal
October 13, 2023
Reuters
Private equity firm Apollo Global is set to take over Wagamama owner The Restaurant Group (TRG) in a £506 million ($623.44 million) deal after a year of financial difficulties and investor pressure. Shareholders of TRG will receive 65 pence in cash for each share, marking a 34% premium over the stock’s last closing price. TRG, which owns around 400 restaurants and pubs across the UK, has been grappling with falling margins due to rising costs and a slow post-pandemic recovery, leading to calls from shareholders and activist investors for management changes and improved profitability.
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