Domino's Completes £62m Acquisition of Irish Franchise
Posted by Emma on 14th Apr 2024
Domino's Pizza Group (DPG) has strategically expanded its operations by acquiring Shorecal Limited, the principal Domino's franchise in the Republic of Ireland and Northern Ireland, for £62 million. This significant deal, valued at €72 million, involves a payment of 61% in cash and the balance through the issuance of shares.
Mhuichol, CC BY-SA 4.0, via Wikimedia Commons
The company has issued 6,700,909 new ordinary shares, corresponding to the remaining 39% of the transaction value. These shares are priced based on the Volume-Weighted Average Price (VWAP) of DPG's shares over the last three months. The Financial Conduct Authority and the London Stock Exchange have received applications for the admission of these new shares to their respective premium listing segments and main markets. The expected admission is scheduled for 8.00 AM on April 16, 2024, and these shares will rank equally with the existing ordinary shares.
With this acquisition, Domino's will gain an additional 34 locations, bringing its total presence in the region to 99 stores across both the Republic of Ireland and Northern Ireland. This expansion is expected to significantly strengthen Domino's position in the market.
Following the admission of the new shares, according to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Domino's issued share capital will total 401,443,336 ordinary shares of 25/48 pence each.
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