n">(Reuters) - Fairfax Financial Holdings Ltd has agreed to acquire a majority interest in privately held Keg Restaurants Ltd (KRL), which owns over 100 steak house restaurants in Canada and parts of the United States.
The terms of the deal, which is expected to close early next year, were not disclosed.
Canadian restaurateur David Aisenstat will retain a minority 49 percent stake in the Keg and will remain head of operations, as president and chief executive.
KRL, in a statement on Monday, said the transaction will benefit The Keg Royalties Income Fund, which owns certain trademarks and other related intellectual property used by KRL. In exchange for use of those trademarks, KRL pays the fund a royalty of 4 percent of gross sales of Keg restaurants, KRL said.
"Fairfax is a well-known and proven investor in the Canadian market. With the addition of Fairfax to the Keg team, The Keg is well positioned and has a solid foundation for continued growth, which will benefit the fund and its unitholders," Kip Woodward, chairman of the fund, said in a statement.
Toronto-based Fairfax, headed by Canadian value investment guru Prem Watsa, is the largest shareholder of BlackBerry Ltd. The firm has been in the spotlight this year as, in September, it made a tentative bid to take the struggling smartphone maker private. However that deal was aborted earlier this month, and Fairfax opted to lead a $1 billion debt financing deal to help BlackBerry turn around its fortunes.
(Reporting by Euan Rocha; Editing by Chris Reese)
NEW YORK - U.S. homebuilder confidence stabilized in November after falling for two straight months, though steady home demand was tempered by worries about further fiscal battles in Washington, the National Association of Home Builders said on Monday.
NEW YORK - New media websites from BuzzFeed to Business Insider are on a roll lately, showered with dollars from venture capitalists betting that they will crack an advertising market that has stymied traditional media companies.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
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