“Following public news, Ibersol confirms that Restaurant Brands Iberia has made a non-binding proposal for the potential acquisition of Burger King restaurants owned by Ibersol in Portuguese and Spanish territory”, reads a statement sent by the company to the Securities Market Commission (CMVM).
The proposal received "indicatively evaluates the aforementioned restaurants with an 'enterprise value' of €230 million, on a 'cash and debt-free' basis, and is subject to a set of assumptions and conditions".
These include carrying out a confirmatory financial and legal due diligence process and obtaining internal authorisations and external financing from the buyer.
“This non-binding proposal is being analysed by the company's Board of Directors and the market will be informed in due course of the subsequent developments of this process”, says Ibersol.
The official announcement of this purchase proposal comes days after Burger King terminated the contract with Ibersol for the development of the brand in Portugal, invoking non-compliance with the opening and remodelling of restaurants, in a decision that the Portuguese quoted company considered "unfair and inappropriate".