Singapore’s Temasek, GIC close to acquiring ‘Salt Bae’ restaurants in $1.5b deal – Report

High-end restaurant chain Nusr-Et Steakhouse could come under new ownership soon as a consortium of investors, including Singapore’s Temasek and GIC, are reportedly closing in on a $1.5-billion deal, according to the Financial Times.

The steakhouse chain became famous when its founder, Nusret Gokce, also known as “Salt Bae”, became a social media phenomenon after videos of him preparing steaks became viral. Netizens went crazy for the flair and flourish with which Salt Bae cuts and salts his steak.

The report said Temasek, GIC and London-based Metric Capital are in talks to acquire D.ream Group, a subsidiary of Dogus Group, which owns the restaurant chain. The deal, according to sources quoted by the Financial Times, would include about $200 million of equity.

Aside from the Nusr-Et Steakhouse chain, the deal also includes the acquisition of Coya, Zuma, and Roka restaurants.

The companies involved in the transaction have not issued an official statement about the deal. Dogus, the Turkish owner of the Nusr-Et Steakhouse chain, is learnt to have been planning a stock market listing.

From Istanbul, Nusr-Et has expanded to 13 sites, including Miami and Manhattan in the US, following Salt Bae’s online popularity last year. The restaurant also has outlets in Dubai, Abu Dhabi, and Doha and operates a burger restaurant in Turkey.

Salt Bae learned his steak preparation skills while working as an apprentice at a local butcher shop in Turkey from the age of 13.

DEALSTREETASIA will update this story as soon as Temasek and GIC issue an official statement about this investment.

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