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Mubadala Capital Consolidates Capital Closure and Opens Path for Expansion of Major Fast Food Chains in the Country
A major strategic movement in the food sector occurred in Brazil in September 2025. Therefore, the market is closely watching the developments.
Zamp, the operator of Burger King and Popeyes, has completed the final stage of capital closure and initiated its exit from B3. Thus, the company is entering a new phase.
Mubadala Takes Expanded Control of Zamp
During the tender offer auction held on September 8, 2025, the parent company MC Brazil F&B, owned by Mubadala, purchased 22.8 million shares at R$ 3.50 each. Therefore, it has consolidated its position.
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This capital closure happened because the stock price was far below the company’s actual value. Thus, Mubadala seized the opportunity to solidify its control definitively.
Additionally, this move allows for reduced regulatory costs and ensures greater internal flexibility for strategic adjustments. With this, the company can act without immediate market pressures.
Expansion with Starbucks and Subway
In June 2024, Zamp signed an agreement to take over part of Starbucks’ operations in Brazil. However, the deal still depends on CADE and the judiciary.
In parallel, the company became the master franchisee of Subway in the country, coordinating the local franchise network. In this way, it further expanded its presence in the sector.
This strategy was officially communicated to the CVM. Thus, the company reinforced its commitment to expanding its presence in the Brazilian fast food market.
Impacts for Minority Shareholders
The schedule indicates that the financial settlement will be completed on September 22, 2025. Thus, MC Brazil F&B will hold 79.27% of the total capital.
This move will allow for the migration from publicly traded company category “A” to “B”. In other words, Zamp will no longer have shares listed on the stock exchange.
For minority shareholders, there are two alternatives left. First, trade shares on the exchange until the conversion to category “B”. Second, sell the shares between September 23 and December 23, 2025.
In this last option, the sale will occur at the same value as the tender offer, adjusted by the IPCA. Therefore, the adjustment ensures balance for investors.
Timeline of Events
- June 2024 – Zamp announces agreement to take over Starbucks in Brazil;
- September 8, 2025 – Mubadala conducts tender offer and acquires 22.8 million shares;
- September 22, 2025 – Scheduled date for financial settlement;
- September 23 to December 23, 2025 – Deadline for minority shareholders to sell shares at the adjusted value.
Benefits of Exiting the Stock Exchange
The exit from B3 brings significant strategic advantages. First of all, it reduces audit costs. In addition, it decreases regulatory obligations. Finally, it offers greater management flexibility.
This condition allows Zamp to reorganize its business freely. Thus, the company can protect long-term plans and accelerate internal decisions.
With this, the company will be able to strengthen its portfolio and consolidate its presence in Brazil, leveraging the potential of global brands.
What Does the Future Hold for Zamp?
Analysts emphasize that Zamp’s new phase represents a turning point in the fast food sector. Therefore, the change attracts significant attention.
The concentrated control by Mubadala ensures financial stability. At the same time, it opens space for the expansion of Burger King, Popeyes, Starbucks, and Subway in the country.
However, experts stress that success will depend on efficient management. Additionally, it will be necessary to balance expansion with profitability.
The exit from the stock exchange represents a significant shift, making the company less exposed to the market. With this, Zamp can implement a robust growth strategy.
And you, reader: do you believe that Zamp’s priority will be to accelerate expansion in Brazil or reinforce the profitability of existing operations?
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