Turkish firm AG Anadolu Group Holding has agreed to divest 100% of the shares of its subsidiary, Anadolu Restaurant, which operates McDonald’s restaurants in Turkey, to Boheme Investment.
AG Anadolu Group Holding and Boheme Investment signed a binding share transfer agreement in this regard.
Boheme Investment is an Austria-based company and subsidiary of Qatari investor Kamal Saleh Al Mana.
Saleh Al Mana also has a partnership in the company that operates the franchise business of McDonald’s in Qatar.
According to the terms of the agreement, the price of the shares transferred represent 100% of the capital of Anadolu Restoran.
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The transfer price will be finalised by subtracting from $54.5m. The amount to be subtracted will be calculated by netting the net debt as well as other assets and liabilities determined under the share purchase agreement in the balance sheet of Anadolu Restoran on the closing date of the transaction.
In a statement, AG Anadolu Group Holding said: “The mentioned amount to be calculated by subtracting and netting the net debt and other assets and liabilities determined under the share purchase agreement is estimated to be around $5m and $6m.”
Completion of the share transfer is subject to the fulfilment of the prerequisites in the share transfer agreement.
The deal is expected to be completed in the first half of the year.
Last month, McDonald’s stated that it would be logistically unviable to act on a call made by investor Carl C Icahn, who urged the restaurant company to change its pork sourcing.