29 Nov 2023 , 01:05 PM
According to a stock exchange filing late Tuesday, Jubilant FoodWorks Ltd (JFL), the operator of Domino’s Pizza and Dunkin Donuts, proposes to buy an additional 51.16% ownership in DP Eurasia NV, the only master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia.
The new share would be acquired through a subsidiary for EUR 73.36 million (Rs 670 crore), according to the food services firm.
Jubilant FoodWorks Netherlands B.V (JFN), the business’s wholly-owned subsidiary, now owns 48.84% of DP Eurasia, Turkey’s largest pizza delivery company.
JFN would fund the acquisition with a combination of an existing term-loan facility from HSBC backed by a corporate guarantee issued by JFL and a new long-term facility from HSBC, again backed by a corporate guarantee issued by JFL in favour of HSBC, according to the filing.
According to the exchange filing, JFN has proposed acquiring the whole issued and existing ordinary share capital of DP Eurasia NV that it does not already own.
According to JFL, DP Eurasia and its subsidiaries have a pizza delivery operation as well as takeout and dine-in services in 694 outlets as of October 31, 2023. The company claims to run an asset-light, scalable business with franchised locations accounting for 88% of its total revenue.
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