The Caisse de dépôt et placement du Québec (CDPQ) is injecting nearly US $ 180 million (CA $ 237 million) to become one of the shareholders of Restaurant Brands, which owns the Tim Hortons, Burger King and Popeyes brands.
According to documents filed last Friday on the side of the United States, the Caisse de dépôt has bought, in recent months, 3.3 million shares of the Canadian company registered on the New York Stock Exchange.
At the end of 2019, according to the organization’s annual report, the Caisse did not hold any securities in the brand specializing in the fast food sector.
Thanks to this transaction, the institutional investor becomes one of Restaurant Brands’ most important shareholders.
Thursday, the management of the CDPQ did not want to comment on this transaction. It was not possible to know the exact amount disbursed for these actions.
“The Caisse does not comment on its movements of securities under active management, day to day,” said spokesperson Serge Vallières, specifying that his organization was already an investor in this company in 2015.
According to Restaurant Brands’ stock value on Thursday, CDPQ shares are worth more than C $ 238 million.
In its final pandemic-stricken quarter, Restaurant Brands saw revenues plunge about 25% to US $ 1.05 billion, and net income (US $ 163 million) drop 37% from the previous year. same period last year.
Since March, Restaurant Brands’ stock has fallen from C $ 79.23 to around C $ 72, a drop of 9%. During this period, the stock even hit a low of C $ 40.64.
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