Qatari-backed fund offers $1.5bn for pizza giant Papa John’s: Report | Business and Economy News
Irth Capital Proposes $47 Per Share for Papa John’s International
Irth Capital, a Qatari-backed investment fund, has made an offer of $47 per share to acquire Papa John’s International, according to sources familiar with the negotiations. This marks a renewed attempt at a takeover following a previous joint bid with Apollo Global Management last year.
The proposed transaction values Papa John’s at approximately $1.5 billion. Irth currently holds about 10 percent of the company, with half of its stake in derivatives, one source disclosed.
Irth declined to comment on the matter, citing legal constraints. It remains uncertain whether Papa John’s will accept this latest offer, and sources noted that other potential bidders may emerge during the ongoing discussions.
Following reports from The Wall Street Journal about Irth’s bid, Papa John’s stock surged nearly 20 percent, closing at $38.86.
In November, Apollo Global withdrew its own offer to take Papa John’s private at $64 a share. This development coincided with activist investor Irenic Capital Management increasing its stake in the pizza chain, further fueling speculation about its future.
Last year, Apollo Global and Irth Capital had presented a joint offer for the company, exceeding $60 per share, before Apollo launched a solo bid in October. Since then, Irth has decided to proceed independently, now partnered with Brookfield Asset Management.
Founded in 2024, Irth Capital is led by Sheikh Mohamed bin Abdulla Al Thani and Matthew Bradshaw, with backing from a member of the Qatari royal family. A potential acquisition of Papa John’s would represent one of Irth’s first major deals.
Established in 1984 in Jeffersonville, Indiana, Papa John’s went public in 1993 and has been striving to implement a turnaround strategy after experiencing persistent challenges with demand under various CEOs.
