On November 2, 2022, MTY Food Group Inc. (TSX: MTY) announced its wholly owned subsidiary, MTY Franchising USA, Inc., will acquire all shares of COP WP Parent, Inc. (Wetzel's Pretzels) for US$207 million (C$284 million) in a cash-free, debt-free transaction. Both Boards of Directors approved the Merger Agreement terms unanimously. Upon completion, Wetzel's Pretzels, which operates over 350 quick service restaurants (90% franchised) across the U.S., Canada, and Panama with sales of US$245 million in the past year, will become an MTY subsidiary. The acquisition bolsters MTY's U.S. presence, adding Wetzel's Pretzels to its portfolio, expanding its U.S. footprint to 4,200 locations, and increasing U.S. system sales to approximately 70% of MTY's total. The deal offers MTY more snack category exposure and introduces a promising concept, Twisted by Wetzel's. MTY has secured financing, increasing its credit facility to C$900 million and extending its maturity to October 2025. The acquisition will be 100% cash-funded using MTY's cash reserves and its credit facility. MTY's pro forma Net Debt/EBITDA is expected to remain in a favorable range. The deal is anticipated to close within 30 to 45 days, subject to regulatory approvals and customary closing conditions. The Transaction is not contingent on financing.