Qatari-backed fund makes $1.5 billion offer to acquire Papa Johns Pizza

Irth Capital Makes $47-Per-Share Offer for Papa John’s International

A Qatari-backed investment fund, Irth Capital, has made a $47-per-share offer to acquire pizza chain Papa John’s International, according to sources familiar with the matter. The proposed deal would value the company at approximately $1.5 billion.

Irth Capital already owns roughly 10% of the company, with half of its stake held in derivatives. However, the company has declined requests for comment on the matter, citing legal reasons.

It is unclear whether Papa John’s will accept Irth’s offer, and another bidder could emerge. The two sources who shared this information were unable to speak publicly about the private talks.

Following a previous bid by Apollo Global Management in November, activist investor Irenic Capital Management built a stake in Papa John’s, fueling speculation about the company’s future. In early October, Apollo submitted a solo bid for the company at $64 per share.

Irth Capital is no longer working with Apollo and its proposal includes backing from Brookfield Asset Management. The investment fund was established in 2024 and is led by co-founders Sheikh Mohamed bin Abdulla Al Thani and Matthew Bradshaw. A deal for Papa John’s would be one of Irth’s first major transactions.

Papa John’s International, founded in 1984, has been attempting a turnaround strategy after years of struggling with weak demand under multiple CEOs. The company went public in 1993.

Source: Al Jazeera