The Globe and Mail reports in its Monday, May 12, edition that there appears be a trend of restaurant parent companies acquiring their royalty affiliates. The Globe's John Heinzl writes that Fairfax Financial Holdings has recently signed a letter of intent to acquire Keg Royalties Income Fund. In October, A&W Food Services of Canada merged with A&W Revenue Royalties Income Fund to pursue a more conventional capital structure for financing growth initiatives. Last week, Keg Royalties announced it has signed a letter of intent that would see Fairfax acquire all outstanding units of the fund, other than those it already owns, for $18.60 each -- a 31-per-cent premium to the price before the proposal was announced. The Keg steakhouse chain is owned by Recipe Unlimited, which was taken private by Fairfax Financial in 2022. Investors are speculating that other royalty companies might be acquired following the Fairfax-Keg announcement. In the three trading sessions since, Pizza Pizza Royalty shares increased by 2.3 per cent, while Boston Pizza Royalties Income Fund units rose 4.5 per cent. Both reported first quarter results, with same-store sales up 1.2 per cent for Pizza Pizza and 4.4 per cent for Boston Pizza.