Domino's Pizza UK & IRL Acquires 75% of Intergrowth
The other 25 percent will be retained by the vendor Briskas, an affiliate of Grand City Hotels Group, a hotel operator in Germany, with over 100 hotels in Europe.
Domino's Pizza UK & IRL (the company) believes the German market offers an exceptional opportunity for the Dominoâ€™s brand. Quick service restaurants in Germany are performing well and Germanyâ€™s strong economy and metropolitan based population make it an exceedingly attractive market for development.
Under the terms of the Transaction, the company has purchased a 75 percent interest in Dominoâ€™s Germany for a total consideration of 2,200,000 ordinary shares of 1.5625 pence each (the ordinary shares).
The initial consideration shares will rank pari passu in all respects with the existing ordinary shares in the company. Following the issue of the initial consideration shares the total number of issued ordinary shares will be 160,633,390.
In addition to a share purchase agreement, a shareholders agreement has been entered into between the company and Briskas to govern the operation of Dominoâ€™s Germany.
Chris Moore, CEO of Domino's Pizza, said: â€œThis is a great opportunity for us to further increase the scale of our operation and develop our business in one of the largest economies in the world. The German pizza market represents a particularly fertile ground for Dominoâ€™s with a limited number of relatively small players and no established international pizza delivery brand.
â€œThe German business will be headed up by Patricia Thomas, our former operations director, who took up a new role of international development director at the beginning of the year. She will be building a team to be based in Germany, drawn from the current German operation, strengthened with resources from the UK and others involved in Dominoâ€™s markets worldwide.â€
Will the acquisition benefit Domino's Pizza?
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