Advertisement
Canada markets close in 4 hours 5 minutes

  • S&P/TSX

    22,319.02
    -27.74 (-0.12%)
     

  • S&P 500

    5,323.27
    +16.26 (+0.31%)
     

  • DOW

    39,435.83
    -235.21 (-0.59%)
     

  • CAD/USD

    0.7301
    -0.0005 (-0.07%)
     

  • CRUDE OIL

    77.24
    -0.33 (-0.43%)
     

  • Bitcoin CAD

    93,128.85
    -3,419.10 (-3.54%)
     

  • CMC Crypto 200

    1,477.89
    -24.77 (-1.65%)
     

  • GOLD FUTURES

    2,346.70
    -46.20 (-1.93%)
     

  • RUSSELL 2000

    2,069.95
    -11.76 (-0.56%)
     

  • 10-Yr Bond

    4.4850
    +0.0510 (+1.15%)
     

  • NASDAQ

    16,944.83
    +143.29 (+0.85%)
     

  • VOLATILITY

    11.87
    -0.42 (-3.41%)
     

  • FTSE

    8,339.23
    -31.10 (-0.37%)
     

  • NIKKEI 225

    39,103.22
    +486.12 (+1.26%)
     

  • CAD/EUR

    0.6741
    -0.0004 (-0.06%)
     
MARKETS LIVE BLOG:

NASDAQ, S&P 500 PARE GAINS EVEN AS NVIDIA SUPPORTS

Shares of the AI bellwether surge 9%, top US$1,000 for the first time

Roark Capital Group to buy CKE Restaurants from Apollo

Reuters

By Olivia Oran

NEW YORK (Reuters) - Private equity firm Roark Capital Group has clinched a deal to acquire Apollo Global Management-based (NYSE:APO - News) restaurant group CKE Inc, the parent of the Hardees and Carl's Jr. fast food chains.

Roark prevailed over rival bidder TriArtisan Capital Partners in the later stage of the process, according to people familiar with the matter.

The deal values CKE at between $1.65 billion to $1.75 billion, the people said.

Apollo declined to comment on the transaction. Goldman Sachs Group Inc (NYSE:GS - News) and Wells Fargo & Co (NYSE:WFC - News) represented CKE in the deal.

ADVERTISEMENT

TriArtisan was in the lead to buy CKE in an auction that also drew interest from Roark Capital and Pamplona Capital Management, but discussions were continuing and Apollo could still turn to another buyer, Reuters reported on Monday.

The company, with more than 3,000-owned or franchised locations across 42 U.S. states and 25 countries, competes with fast-food companies such as McDonald's Corp (NYSE:MCD - News) and Burger King Worldwide Inc (NYSE:BKW - News).

Atlanta-based Roark has invested in more than a dozen restaurant concepts, including Miller's Ale House, Arby's, Auntie Anne's, Cinnabon, Carvel Ice Cream, Corner Bakery, Il Fornaio, McAlister's Deli, Moe's Southwest Grill, Schlotzsky's and Wingstop.

(Reporting by Olivia Oran in New York; Editing by Soyoung Kim, Bernard Orr)