Sfinks Polska in talks to buy internet portal as part of delivery push

Sfinks Polska on 10 May announced that it has entered into a non-binding term sheet to acquire 100% of shares in an unnamed company that owns an internet portal with a base of over 1.5 million customers. The portal is unrelated to the gastronomic sector, however it offers synergies with the business of Sfinks Polska as regards meal delivery services, which is an important element of the company’s strategy for the years 2017-2022, a statement to the stock exchange said. The acquisition would allow Sfinks Polska to offer delivery along with additional, attractive services, the statement added.

There are no plans to change the profile of the acquired company after the takeover, Sfinks Polska noted.

Sfinks Polska has been granted exclusivity to negotiate the terms of a definitive purchase agreement until 10 July 2017, subject to renewal till 30 September 2017. The purchase price would be approximately six times EBIT for 2016 (adjusted for cash and liabilities at the time of the transaction), payable in four tranches with the last tranche to be paid by 20 June 2018.