Ibersol receives €230 million offer to sell Burger King restaurants
A non-binding proposal is being analysed by the Portuguese company that owns over 150 Burger King restaurants in Portugal and Spain.
Ibersol has received a €230 million non-binding proposal from Restaurant Brands Iberia (RBI), Burger King’s master franchiser in Iberia, for all the restaurants of the fast-food brand in Portugal and Spain owned by the Portuguese company. The information was made public through a statement sent this Wednesday to CMVM.
“IIbersol, SGPS, SA, (“Ibersol” or “Company”) confirms that Restaurant Brands Iberia has submitted a non-binding proposal for the potential acquisition of Burger King restaurants owned by Ibersol in Portuguese and Spanish territory,” announced the company, adding that “referred proposal indicatively values the referred restaurants with an enterprise value of €230 million, on a cash and debt-free basis, and is subject to a number of assumptions and conditions, including, among others, (i) the completion of a confirmatory financial and legal due diligence process and (ii) obtaining internal authorisations and external financing by the bidder.”
“This non-binding proposal is being analysed by the Company’s Board of Directors, and the market will in due course be informed about the subsequent developments of this process,” Ibersol explained.
The confirmation surges after the Spanish press has reported that RBI – master franchiser of brands such as Burger King or Popeyes for Spain and Portugal – would proceed with a non-binding proposal to acquire the Burger King restaurants owned by Ibersol. 157 spaces would be involved, 119 of which in Portugal and 38 in Spain.
