M&As this week: Famous Brands, letgo

19 May 2016 (Last Updated May 19th, 2016 18:30)

Branded food service franchiser Famous Brands has gained a 51% stake in Salsa Mexican Grill, a recently launched Mexican cuisine serving restaurant in South Africa.

Branded food service franchiser Famous Brands has gained a 51% stake in Salsa Mexican Grill, a recently launched Mexican cuisine serving restaurant in South Africa. The transaction will help the acquiring company to expand its business.

As part of the all-cash deal, the acquiring company's management will help Salsa Mexican Grill's operating partner George Nicolopoulos and his co-partners in operating the latter company.

"letgo will be the major owner of the combined entity and continue the combined operations on its platform."

The deal is expected to be closed by 1 June.

The US operations of letgo, a mobile commerce company for used goods, have been merged with classifieds firm Wallapop.

A part of Wallapop's US operations will be absorbed into those of letgo.

letgo will be the major owner of the combined entity and continue the combined operations on its platform. Through the merger, the two companies intend to capitalise on the growth opportunities in the US classifieds market.