Fast-Food Power Shift: Mubadala Unites Burger King and Starbucks as Zamp Exits B3

Abu Dhabi’s Mubadala Capital completed its takeover of Zamp on September 8, buying 97.8% of the company’s freely traded shares at R$ 3.50 apiece.

By September 22, when funds clear, Mubadala will control 79.3% of Zamp and delist it from Brazil’s B3 stock exchange. Zamp runs Burger King, Subway, Starbucks and Popeyes in Brazil.

The tender offer raised the mandatory two-thirds approval despite some small investors resisting until the last moment. Remaining shareholders can still sell at the same R$ 3.50 price, adjusted for inflation, until December 23.

In the April–June quarter, Zamp posted R$ 1.3 billion in revenue—up 16% year-on-year—but recorded a R$ 73 million loss as it absorbed integration costs from recent Starbucks and Subway buyouts.

Adjusted EBITDA climbed to R$ 173.5 million, and net debt stood at R$ 867 million, valuing the group at R$ 2.47 billion. Behind the numbers lies a strategic play by Mubadala to build a unified fast-food powerhouse in Latin America.

Since early 2024, the fund invested R$ 120 million in Starbucks Brazil and closed a Subway deal, aiming to streamline operations, cut costs and speed expansion.

As a private group, Zamp can now move faster on digital ordering, delivery services and new outlets. For consumers, this could mean more consistent prices and smoother service.

For foreign investors, Mubadala’s deep commitment signals strong confidence in Brazil’s growing consumer market—and in the long-term appeal of quick-service dining.

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