Jubilant Foodworks to acquire rest of shares in DP Eurasia for 73 million euros

DP Eurasia is a public company listed with London Stock Exchange PLC, and is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan and Georgia.

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Jubilant Foodworks on November 28 said its subsidiary company Jubilant Foodworks Netherlands B.V. (JFN) will acquire the rest of the shares of DP Eurasia for 73.35 million euros, making it a wholly owned subsidiary.

JFN currently holds 48.84 percent ordinary shares of DP Eurasia. It will acquire the rest of the shares via open offer and market purchase. For funding the acquisition, JFN would be using a combination of existing and a new term loan facility availed from HSBC (which is backed by the corporate guarantee issued by the company).

DP Eurasia is a public company listed with London Stock Exchange, and is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan and Georgia.

It offers pizza delivery and takeaway/eat-in facilities at its 694 stores (678 in Turkey, 10 in Azerbaijan and 6 in Georgia as on October 31, 2023). It is the largest pizza delivery company in Turkey. In addition to the pizza business, the Group also has its own coffee brand, COFFY, which trades from 67 stores at period-end.

Following the announcement, shares of Jubilant Foodworks traded flat at Rs 545

The company said JFN proposes to acquire the ordinary shares of DP Eurasia at a price of upto 85 pence (equivalent to EUR 0.97 as on November 27, 2023) per ordinary share which represents a premium of approximately 24.1 percent to the closing share price of 68.5 pence per DP Eurasia Share on November 27, 2023.

For the first half of 2023, DP Eurasia generated revenue of 1,581 million Turkish lira and adjusted net income of 229 million Turkish lira.

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