Ibersol agrees to sell Burger King in Portugal and Spain

Ibersol has signed an agreement to sell Burger King restaurants in Portugal and Spain, and the company has estimated a gain on consolidated accounts of around €160 million.

In a statement sent Tuesday night to the Securities Exchange Commission (CMVM), Ibersol stated that it had entered into a share purchase and sale agreement in connection with the sale of BK Portugal and Burger King Spain of shares representing the entire share capital, respectively. Lurca, the companies that operate Burger King restaurants in Portugal and Spain.

The price will correspond to the ‘enterprise value’ [valor de mercado da empresa] €259.7 million, on a “cash and debt-free” basis, with a portion of the price (in the amount of €15.5 million) subject to verification of conditions relating to the evolution of EBITDA and/or generations of “cash flows” the company adds.

In the statement, Ibersol stated that, assuming “the maximum price value has been received in full,” the expected capital gains for Ibersol’s consolidated accounts are approximately €160 million.

Ibersol adds that “within the scope of this transaction and consideration of the above ‘enterprise value’, the Ibersol Group entities are also expected to transfer certain assets to the periphery of the transaction in the amount of €6.6 million, as well as transfer certain Iberking-owned real estate assets to other Ibersol Group entities. , for a total amount of 8.4 million euros.

The company also asserts that the conclusion of this sale “is subject to verification of a set of endowment conditions, including non-opposition of the competition authority.”