Restaurant Brands Iberia, the “master franchisor” of Burger King in Portugal and Spain, has increased the value of the offer to Ibersol, to 250 million euros, for the purchase of the 119 restaurants of the brand that the Portuguese company owns in Portugal (via franchise agreements).
The amount previously offered, on February 16, was 230 million euros.
in a report disclosed to CMVM, the Portuguese restaurant giant – which is exploring spaces for brands such as Pizza Hut, KFC, Pans or Pasta Caffé – claims that Ibersol and RBI “have entered into exclusive negotiations (for a duration of six weeks) regarding the latter’s potential acquisition of Burger King restaurants owned by Ibersol in Portugal and Spain”.
“These restaurants have been indicatively valued by Restaurant Brands Iberia for an ‘enterprise value’ of 250 million euros, on a ‘cash and free’ basis, which could be increased up to 7 million euros linked to the potential use of tax credits,” the document adds.
This proposal “remains subject to a set of assumptions and conditions, including, among others, (i) the completion of a confirmatory due diligence process and (ii) the obtaining of internal authorizations and external financing by the ‘proposing entity’.
Ibersol stresses that its “board of directors” will continue to monitor this process, keeping the market informed in due course.
It is on February 6th that Burger King terminated the contract with Ibersol to develop the brand in Portugal, citing non-compliance with the opening and remodeling of restaurants, in a decision that this company considered “unfair and inappropriate”.
Remember that Ibersol is one of four listed that will come out of the PSI-20 index.
