Apollo owner buys Wagamama owner Restaurant Group for $623.4 million.

Wishfully owned The Restaurant Group has approved a proposed takeover by private equity giant Apollo in a deal worth more than £700 million

TRG owns the Wagamama chain, which operates Asian noodle restaurants, pubs such as brunning & price and some food concessions at airports and destinations in the UK with nearly 380 sites.

The acquisition follows TRG's recent decision to sell its loss-making restaurant chains Frankie & Benny's and Chiquito to big holder The Restaurant Group of Bella Italia, Las Iguanas and Banana Tree.

"The TRG board and management of TRG have reviewed in detail the strategic options available to the group, resulting in the announcement of the proposed sale of the Leisure business," - Ken Hanna

Alex van Hoek, partner in Apollo's private equity operations, added: "TRG's business has proven resilient through macroeconomic cycles but the outlook is still one of high interest rates and inflationary pressures

and the company now needs the support of patient private capital, to achieve its ambitions."

The deal values the company's shares at about £506 million, or £701 million including debt.