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Ibersol is analyzing a non-binding proposal by Restaurant Brands Iberia to buy the Burger King restaurants it owns in Portugal and Spain for €230 million.
Restaurant Brands Iberia manages the Burger King brand in those countries.
The proposal gives Ibersol's restaurants an enterprise value of €230 million on a cash and debt-free basis. It is also subject to a set of assumptions and conditions, including carrying out a confirmatory financial and due diligence process and obtaining internal authorizations and external financing from the buyer.
Ibersol says it would inform the market in due course of the subsequent developments of this process.
The purchase proposal was announced days after Burger King terminated the contract with Ibersol for the development of the brand in Portugal.
Burger King based its decision on Ibersol’s non-compliance with the opening and remodeling of restaurants.
Ibersol considered Burger King’s decision to be "unfair and inappropriate.
