Management Board of AmRest Holdings SE (“AmRest”, “Company”) announces the signing of an assets sale and transfer agreement (the “APA”), dated November 30th, 2016, between AmRest Holdings SE (“Buyer”) and Kentucky Fried Chicken (Great Britain) Ltd., German Branch (“Seller”). Under the terms of APA Buyer acquires 15 KFC restaurants operating in the German market. Estimated purchase price is expected at ca. EUR 10.3 million (ca. PLN 45.6 million). Final purchase price will be determined as at the day of the transaction closing.
Estimated revenues of the restaurants in the twelve months period ended on August 31st, 2016 amounted to EUR 27.4 million (ca. PLN 121.5 million).
The parties of APA intend to close the transaction within a couple of months (“Completion”). The Completion is contingent upon some additional conditions, including obtaining antitrust approvals, concluding additional agreements ensuring restaurants proper functioning after Completion, and lack of the material adverse change (“MAC”).
The transaction will be financed with AmRest’s available cash.
In the opinion of the Management Board of AmRest, great potential for development of KFC brand in the German market, combined with the Company’s over 20 years’ experience in running KFC restaurants will allow AmRest to substantially increase the scale of that business within the coming years.
Art. 17 Sec. 1 of Regulation (EU) No 596/2014 of The European Parliament and of The Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC