Foodservice company Jubilant Foodworks (JFW) has announced that its subsidiary Jubilant FoodWorks Netherlands (JFN) intends to acquire the remaining 51.16% stake in DP Eurasia for €73.35m ($80.5m).

DP Eurasia is an exclusive master franchisee of the Domino’s Pizza brand in Turkiye, Azerbaijan and Georgia.

JFN currently holds a 48.84% stake in DP Eurasia and upon completion of the deal will become JFN’s wholly-owned subsidiary.

It plans to acquire the remaining shares via an open offer and market purchase.

In its stock exchange filing, JFW stated: “Jubilant Foodworks Netherlands, a wholly owned subsidiary of Jubilant FoodWorks, proposes to acquire, through any permissible mode including open offer, market purchase, the entire issued and outstanding ordinary share capital of DP Eurasia not already held by JFN at a price of up to 85 pence per share from existing shareholders of DP Eurasia.”

The company will use a combination of existing and a new term loan facility from HSBC to fund the acquisition.

DP Eurasia is a London Stock Exchange-listed company. Along with its subsidiaries, the company offers pizza delivery and takeaway or dine-in facilities at its 694 stores.

678 stores are located in Turkiye, ten stores in Azerbaijan and six in Georgia.

It also operates an asset-light, scalable business through franchised stores contributing to 88% of the overall stores.

DP Eurasia also has its own coffee brand, COFFY, which trades in 67 stores of which 78% are franchised.

In August 2023, DP Eurasia, which owns franchise rights to Domino’s Pizza in Russia, announced that it would file for bankruptcy for its Russian business and exit the country.

The move would put an end to the sale process for the unit, which was begun by DP Eurasia in 2022.