IBERSOL, SGPS, SA
Registered office: Praça do Boom Sucesso, 105/159, 9th floor, Porto Registered in the Mercantile Registry of Porto under the unique registration and tax identification number 501 669 477 Fully subscribed and paid up share capital: 46,000,000.00 USD
SIGNATURE OF THE AGREEMENT FOR THE PURCHASE AND SALE OF SHARES
RELATING TO IBERKIN G AND LURCA, WHICH OPERATE THE RESTAURANTS
WITH THE BURGER KING BRAND
Ibersol, SGPS, SA informs that after having started a new negotiation process, an agreement for the purchase and sale of shares has been signed today relating to the sale to BK Portugal, SA and Burger King Spain, SLU (companies controlled by Restaurant Brands Iberia, SA) shares representing the entire share capital of, respectively, IBER KING, RESTAURAÇÃO, SA and LURCA SAU (“Iberking” and “Lurca”), companies that operate the restaurants of the Buurger King brand in Portugal and Spain.
Completion of the sale is subject to certain conditions precedent, in particular among others authorization from the Portuguese Competition Authority.
The award will be an annual enterprise value of €259.7 million, on a cash-free and debt-free basis, being part of the award (in the amount of €15.5 million) contingent upon the satisfaction of conditions linked to the future evolution of EBITDA and/or the generation of cash flows.
As part of this transaction and taken into account in the aforementioned enterprise value, it is also planned to transfer certain assets for a total amount of 6.6 million euros from the entities of the Ibersol Group to the scope of the transaction, as well as the transfer of certain real estate assets held by Iberking for a total amount of 8.4 million euros to other entities of the Ibersol group.
Assuming the full payment of the maximum price, the operation results in a capital gain of around 160 million euros in Ibersol’s consolidated accounts.
Porto, August 2, 2022
The Market Relations Delegate