Business
Why the Magellan (ASX:MFG) share price is on watch today
The Magellan Financial Group Ltd (ASX: MFG) share price will be one to watch today after the Aussie investment group announced its latest acquisition.
What did Magellan announce this morning?
The listed investment company (LIC) announced that it is wading into the global fast food industry. Magellan has entered into an agreement to acquire a 10% stake in Guzman y Gomez (Holdings) Limited (GYG).
GYG is a well-known, Australian-based quick service restaurant chain with a focus on Mexican cuisine. The group currently has 147 restaurants spanning Australia, Singapore, Japan and the United States.
The 10% shareholding is set to cost Magellan $86.8 million in cash, with completion conditional on GYG shareholder approval in late…
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