Food services major Jubilant FoodWorks said on Friday it will fully acquire Fides Food Systems Cooperatief UA Netherlands (Fides) for an agreed investment of 24.8 million pounds (about Rs 250 crore) through its wholly-owned subsidiary Jubilant FoodWorks Netherlands BV.
Fides is the beneficial owner of 32.81 per cent of equity shares of DP Eurasia NV, which is a public company listed with London Stock Exchange Plc and is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia.
DP Eurasia and its subsidiaries offer pizza delivery and takeaway besides eat-in facilities at 771 stores (568 in Turkey, 190 in Russia, 9 in Azerbaijan and 4 in Georgia).
Jubilant FoodWorks Netherlands BV and Jubilant FoodWorks Ltd (acting as a guarantor for investment obligation of its wholly-owned subsidiary) have entered into a purchase agreement with Turkish Private Equity Fund II LP which is the sole member of Fides.
"We are happy to announce our acquisition of Fides for 32.81 per cent equity stake in DP Eurasia, one of the large master franchisee of the Domino's Pizza brand," said Chairman Shyam S Bhartia and Co-Chairman & Managing Director Hari S Bhartia.
"We have been partners with Domino's in India for more than 25 years. With that experience, we hope to add value in DP Eurasia's business and also create value for our shareholders," they said in a statement.
Jubilant Foodworks is India's largest food service company. Its Domino's Pizza franchise extends across a network of 1,314 restaurants in 285 cities.
The company also has exclusive rights to develop and operate Dunkin' Donuts restaurants in India which has in operation 27 restaurants across 8 cities.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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