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A&W Revenue Royalties Income Fund, A&W Food Services to Merge; Fund Q2 Net Income Falls
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A&W Revenue Royalties Income Fund, A&W Food Services to Merge; Fund Q2 Net Income Falls
Jul 22, 2024 4:51 AM

07:34 AM EDT, 07/22/2024 (MT Newswires) -- A&W Revenue Royalties Income Fund (AW-UN) and A&W Food Services of Canada agreed Monday to merge and create a publicly traded quick service restaurant franchisor - A&W Food Services NewCo.

Unitholders of the Fund - other than A&W Food Services which owns 29% of the Fund - can receive in exchange for each Fund unit $37 in cash (subject to proration) or one common share in A&W Food Services NewCo.

The transaction is expected to close in October.

Separately, the Fund on Monday said second-quarter net income fell to $9.8 million, compared with $11.3 million in the year-ago quarter.

Royalty income for the quarter ended June 16 climbed slightly to $13 million from $12.7 million last year.

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