McDonald’s Corp.’s biggest independent franchise operator, Arcos Dorados Holdings Inc., is seeking to sell shares at almost twice the valuation of the U.S. fast-food chain as its restaurants in Brazil spur growth.
The operator of 1,755 McDonald’s locations in Latin America and the Caribbean is offering 62.5 million shares tomorrow for $13 to $15 each, according to a filing with the U.S. Securities and Exchange Commission and data compiled by Bloomberg. At the midpoint, that would value the company at $2.97 billion, or 28 times last year’s earnings. McDonald’s trades at 16.4. More.