TriArtisan Capital Advisors LLC and Paulson & Co. Inc. are acquiring P.F. Chang's China Bistro Inc. in a deal scheduled to close in the first quarter, Bloomberg Markets reported, citing a private notice sent to investors.
Centerbridge Partners LP, which has owned P.F. Chang's since 2012, was earlier reported to be closing in on a deal to sell the Chinese restaurant chain to fellow private equity firm TriArtisan for about $700 million.
P.F. Chang's debt totaling more than $675 million will be taken out at par as part of the transaction. Pei Wei Asian Diner, another restaurant chain that spun off from P.F. Chang's, reportedly will remain under Centerbridge's ownership.
Bank of America Merrill Lynch was lead financial adviser to P.F. Chang's on the deal, with Barclays acting as additional financial adviser, the report said.
Representatives for P.F. Chang's, TriArtisan and Paulson did not immediately respond to requests for comment, according to Bloomberg.