Sale of Burger King South Africa to ECP renegotiated
Investment holding company Grand Parade Investments (GPI) has renegotiated the terms of its agreement to sell its stakes in Burger King South Africa (BKSA) and Grand Foods Meat Plant (GFMP) to the ECP Africa Fund IV LLC, managed by private equity firm Emerging Capital Partners.
The renegotiation places the value of BKSA at R570 million (about $32.9 million) and GFMP at R23 million (about $1.3 million). This represents a 15% reduction on the initial offer of R670 million (about $38.6 million) for BKSA and R27 million (about $1.6 million) for GFMP entered into in February 2020.
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