Subhead of release should be removed, and "joint venture" should be added to the second graph, second sentence.
The corrected release reads:
BURGER KING WORLDWIDE, INC. AND ALSEA, S.A.B. DE C.V. SIGN NEW JOINT VENTURE TO SIGNIFICANTLY EXPAND BRAND PRESENCE IN MEXICO
Burger King Worldwide, Inc. (NYSE: BKW), today announced that it has entered into a joint venture agreement for Mexico with Alsea, S.A.B. de C.V. (BMV: ALSEA) focused on significantly increasing the BURGER KING ® brand presence in this important market.As part of the transaction, ALSEA and BKW will contribute their BURGER KING ® restaurants in Mexico to form a joint venture through a merger of BKW’s Mexican subsidiary into Operadora de Franquicias Alsea S.A. de C.V. (OFA). The new joint venture company will own 203 BURGER KING ® restaurants in Mexico and has committed to open several hundred more over the next several years. ALSEA, a leading operator of quick service restaurants, coffee shops and casual dining establishments in Latin America, has been operating BURGER KING ® restaurants for more than ten years in Mexico. As part of the joint venture, OFA will acquire the following rights and obligations:
- Acquisition of 97 BURGER KING ® restaurants, bringing ownership count to 203 BK ® restaurants;
- Operating control of the BURGER KING ® brand throughout all of Mexico;
- Exclusivity in Mexico for 20 years;
- Collection of royalties from sub-franchisees;
- An annual development plan that includes the opening of new corporate and sub-franchised BURGER KING ® restaurants over the next 20 years; and
- In exchange for a cash payment to BKW, ALSEA will maintain a majority stake in the joint venture, while BKW will maintain the minority stake.
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