Apollo Funds Agree to Buy Wagamama Owner for $623 Million (2)

Apollo Global Management Inc. agreed to buy The Restaurant Group Plc, the owner of Wagamama, for £506 million ($623 million), after activist shareholders complained about the company’s strategy and ailing stock price.

Investors will receive 65 pence a share in cash, the companies said Thursday. That’s 34% higher than Wednesday’s closing price. Apollo is making the purchase through its funds.

The Restaurant Group has more than 400 restaurants and pubs across the UK, including chains such as Frankie & Benny’s, Chiquito and Brunning & Price. Last month, TRG agreed to sell Frankie & Benny’s and Chiquito to the Big ...