Covid-19 has shaved off about R100m off the value of Burger King, which Grand Parade had said in December it wanted to sell
Leisure and gaming company Grand Parade Investments said on Wednesday it had renegotiated the terms of the sale of its SA Burger King licence, after Covid-19 wiped off about R100m in value.
The group had said in May that “as a result of the Covid-19 pandemic, the parties are renegotiating the terms and conditions of the disposal”.As of February, the sale price in the offer fromwas based on Burger King SA’s enterprise value, or R670m based on a ratio of eight times forward earnings before interest, taxation, depreciation and amortisation .
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