Clifford Chance has advised on a €1 billion fast-food investment on the Iberian peninsula, representing the private equity firm Cinven on the acquisition of a majority stake in Restaurant Brands Iberia.

RB Iberia holds the master franchise rights for the Burger King brand in Spain, Portugal, Gibraltar and Andorra, and for the Popeyes and Tim Hortons brands in Spain, with a portfolio of more than 500 owned restaurants and an additional 500 franchised restaurants across the three brands.