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The sale of Burger King to a pan-African private equity firm has been blocked by the regulator because it cannot be justified on public interest grounds. There are no competition issues.
The sale of Burger King hits a glitch
By Sandile Mchunu
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Grand Parade Investments (GPI) today informed its shareholders that the date for the conclusion of the share purchase agreement (SPA) for the disposal of Burger King South Africa (BKSA) and Grand Foods Meat Plant (GFMP) has expired.
This comes after the investment holding company entered into the sale of the two businesses in February to Emerging Capital Partners (ECP) Africa Fund IV LLC for R670 million for Burger King and R27m for Grand Foods Meat plant was R27m.
However, the value for the sale of the businesses was revised down in September to R570m for BKSA and R23m for GPMP after the Covid-19 outbreak hurt the group’s earnings for the year to end June.