Amrest : RB 25/2018 Binding Head of Terms between AmRest and KFC France
May 24, 2018 at 03:38 am EDT
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AmRest Holdings SE ('AmRest', the 'Company') informs of the signing on May 23rd, 2018 of the Binding Head of Terms ('HoT') determining the key terms and conditions on, and subject to which, KFC France SAS ('KFC France') would be willing to proceed with a potential transaction with AmRest Opco SAS whereby (i) KFC France would sell and AmRest Opco would buy 15 equity restaurants run by KFC France ('KFC Business') in the French market, and (ii) the parties would sign a Standard KFC International Franchise Agreement for each restaurant (collectively called the 'Contemplated Transaction').
The purchase price for the KFC Business is subject to the outcome of a due diligence to be carried out by AmRest.
It is the intention of AmRest and KFC France that the final agreements (the agreements required for closing of the Contemplated Transaction) shall be signed no later than July 31st, 2018, and closing of the Contemplated Transaction, including transfer of ownership of KFC Business and payment of the purchase price shall occur no later than September 30th, 2018. If the parties fail to sign the final agreements by December 31st, 2018 the HoT shall terminate immediately, unless otherwise agreed in writing by both parties.
In the opinion of the Company there is a great potential for growing KFC brand in Western Europe. Acquisition of several of KFC French restaurants will contribute to strengthening the partnership with Yum! Brands and AmRest's leadership position of restaurant operator in Europe as well as drive the value creation for AmRest's shareholders.
Legal act:
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
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AmRest Holdings SE published this content on 24 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 May 2018 07:37:03 UTC
Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.