Domino’s Pizza is buying Germany’s biggest Pizza chain, Joey’s Pizza, in a deal worth around £57m.
The buyout will be a joint venture between Domino’s Pizza’s UK and Australian owners with two-thirds owned by the Australian company and the remainder owned by the London-listed Domino’s Pizza Group, which already has operations in Germany.
Don Meij, chief executive of Domino’s Pizza Enterprises – the Australian arm of the company – said that entering the German market represented a long-term growth opportunity.
“The acquisition of the market-leading Joey’s Pizza business provides immediate scale and marketing presence which we can build from,” he said.
The deal will increase the number of stores owned by Domino’s Pizza Enterprises to 1,870.
The London-listed company, which has more than 800 stores in the UK and holds franchises in Ireland, Germany and Switzerland, will acquire 15 of the German stores in the venture.
The deal is expected to be completed early next year, subject to regulatory approval.
You must be logged in to post a comment Login