PizzaExpress pays the bill

PizzaExpress raises $1 billion to fund its LBO despite weakening markets and its new owner Hony talks to FinanceAsia about expansion plans.

PizzaExpress pays the bill

British restaurant chain operator PizzaExpress has managed to swiftly raise 610 million $1 billion to fund a leveraged buyout by Chinese private equity firm Hony Capital despite weakening high-yield bond markets.

Hony agreed in mid-July to buy PizzaExpress for about 900 million $1.54 billion.

The well-known PizzaExpress brand, recovering consumer spending at UK restaurants and Hony Capital’s ambitions for the company in China offset volatile junk bond markets...

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