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Burger King India Ltd. has entered into a share purchase agreement to acquire an 83.24% stake from existing shareholders PT Sari Burger Indonesia (BK Indonesia) of the latter.
The company described the acquisition as equity by adjusting the enterprise value of 2,601 billion rupiahs payable in one or more tranches.
There are conditions precedent for the deal's completion, including receiving the Burger King India shareholders' approval.
Upon the acquisition of shares, Burger King India will infuse $40 million by way of subscription to new shares issued by BK Indonesia to support future business requirements, business expansion plans, and acquisition of any other business/asset/brand."
According to Burger King India, it realizes the high growth potential in the Indonesian market. It believes that it can be the right partner to drive the Burger King brand in Indonesia through its next growth phase.
Burger King India's shareholding in BK Indonesia will increase after the proposed capital infusion.
